Since Dubai announced the creation of a crypto-friendly regulatory regime, a couple of the biggest crypto exchanges in the entire world now plan on establishing hubs in there.
Crypto.com for instance made an announcement on Monday citing its plans to establish an office in Dubai, and that it will launch a “substantial recruitment drive” in the coming months which will see it build its presence there. Aside from Crypto.com, Bybit was one of the exchanges that also unveiled its plans to move its global headquarters to Dubai, once it received in-principle approval to “conduct a full spectrum” of virtual assets business in the emirate.
Announced on the same day, these moves come just weeks after Dubai made public its intention to create a regulatory and licensing authority for virtual assets businesses. Once the announcements were made, both FTX Europe and Binance also received their operational licenses in rather quick succession.
The UAE’s financial markets regulator stated that it was on the brink of issuing a regulatory framework for digital assets, just earlier this month.
The emirate of Dubai is one of the 7 emirates fomring the nation of the UAE. Abu Dhabi, another emirate, has been quite aggressive as well, in its quest to become a crypto hub.
The endorsement of digital assets has apparently been received as welcome news to crypto firms, considering the mixed signals they received from other jurisdictions.
Crypto.com’s home, for instance, Singapore, as well as the previous HQ for Bybit, were on the lookout for curbing the visibility of crypto firms before the public with new rules that were released in January that limited the ability of firms like this to advertise.
Also, the Monetary Authority of Singapore made a statement saying that crypto is “highly risky and not suitable for the general public” and because of that digital payment tokens or DPT service providers “should not promote their DPT services to the general public.”