Two cryptocurrency exchanges, Bybit and Crypto.com, have announced plans to open offices in Dubai, as the emirate ramps up efforts to attract businesses from the expanding industry.
Crypto Exchanges to Receive Full Range Business Approval in the UAE
In a statement, Crypto.com said it will open a regional office in Dubai and intends to create a large presence there, while Bybit said it will relocate its global headquarters to the emirate and begin operations as early as next month.
Crypto exchanges are joining global competitors like Binance Holdings Ltd. and FTX in expanding in the United Arab Emirates, which is trying to establish a reputation for embracing cryptocurrencies even as other financial hubs tighten their regulations.
Singapore, where Crypto.com is situated, ordered crypto businesses to avoid consumer-facing marketing early this year in an effort to curb digital asset speculation.