Cryptocurrency trading platforms Bybit and Crypto.com have said they will set up offices in Dubai. The companies announced their decision during the World Government Summit currently taking place in Dubai.

Both firms are headquartered in Singapore. Bybit will shift its head office to Dubai and commence operations as early as April 2022, stating that it has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai. It has also started the process of hiring talent and transferring existing teams and operations. 

Meanwhile, Crypto.com has said it will set up a regional hub office in Dubai, while retaining its primary base in Singapore.

“Virtual assets such as cryptocurrency and blockchain have changed finance forever," said UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention Thani al-Zeyoudi, following the announcement.

"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 [foreign direct investment] we are seeing coming in."

Dubai regulations

The announcement follows Dubai's proposed cryptocurrency law in March 2022, regulated by the newly formed Dubai Virtual Asset Regulation Authority (Vara). 

The new law will apply across the emirate, with the exception of the Dubai International Financial Centre (DIFC). The Dubai Financial Services Authority (DFSA), the DIFC's regulator, is developing its own regulations.

The final version of the law is yet to be revealed. Similar laws currently exist in countries including Singapore, Canada, the US, and the UK.