Crypto.com, Bybit announce plans to set up operations in Dubai

Cryptocurrency exchanges Bybit and Crypto.com has announced plans to set up operations in Dubai, as the emirate steps up efforts to attract companies in the fast-growing industry.

Crypto.com said in a statement on Monday that it will set up a regional base in Dubai, and plans to establish a “significant” presence there.

Bybit will move its global headquarters to the emirate, with operations starting as early as next month, after receiving in-principle approval to conduct a “full spectrum” of virtual-assets business in the United Arab Emirates, it said in a blog post.

The exchanges join global rivals like Binance Holdings Ltd. and FTX in expanding in the UAE, which is seeking to develop a crypto-friendly reputation even as other financial centers tighten oversight. Singapore, where Crypto.com is based, earlier this year instructed crypto companies to refrain from consumer-facing marketing in a bid to limit speculation in digital assets.