Bybit Gets In-Principle Approval to Conduct Business in UAE

Bybit, a major cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term, announced on Monday that it received in-principle approval to conduct ‘virtual assets business’ in Dubai, United Arab Emirates. According to the press release, the announcement was made official by the UAE Ministry of Economy at the World Government Summit 2022.

As part of this announcement, Bybit announced that it would establish its global headquarters in Dubai, offering a range of products and services under the Emirate’s ‘test-adapt-scale’ model for virtual assets markets.

“Bybit’s decision to open its global headquarters in Dubai is a milestone in our efforts to position the UAE as a global digital hub. Virtual assets such as cryptocurrency and blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term have changed finance forever. To stay ahead in this fast-changing industry, we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies – this is paying dividends in terms of the next generation FDI we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world’s most attractive places to live and work for those in virtual assets and web 3.0 industries,” Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention, commented.

Bybit in Figures

Bybit’s peak daily trading volume is expected to be US$76 billion in May 2021, which makes the crypto exchange one of the fastest-growing virtual asset platforms. According to data collected by Google and Yandex, it is the third most visited digital asset business in the world.

The new Bybit headquarters in Dubai is expected to begin operations as early as April 2022. The company has begun recruiting talent and transferring existing teams and operations to their new location.

“Bybit looks forward to contributing to the virtual assets innovations of the Emirate’s vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to mature rapidly. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider region’s ambition to become a global virtual assets technology hub,” Ben Zhou, the Co-Founder and CEO of Bybit, pointed out.