Bybit Exchange receives provisional approval to operate in the UAE and plans to relocate its global headquarters to Dubai

(This article is provided by the exchange Bybit)

This article is provided by the exchange Bybit.

● The UAE warmly welcomes Bybit and celebrates the thriving development of "new generation foreign direct investment"
● Bybit intends to engage in constructive ongoing dialogues with UAE regulatory and legislative bodies, committed to providing information about digital assets to investors and the public

The cryptocurrency exchange Bybit held a joint press conference with the UAE Ministry of Economy at the 2022 World Government Summit. During this press conference, Bybit announced that the platform has received preliminary approval to conduct a range of virtual asset businesses in Dubai. Additionally, Bybit also announced the establishment of a global headquarters in Dubai, following the UAE's "test-adjust-develop" model for the virtual asset market, providing a comprehensive set of products and services for global users.

Bybit stated its full support for the regulatory measures of the UAE government, planning to share professional industry knowledge and extensive experience with all relevant departments. Bybit has always advocated for the safe use of cryptocurrencies by individual investors and the general public, playing a crucial role in this aspect. Moreover, Bybit will assist the UAE in professional risk management to ensure the healthy and orderly growth of the industry.

"We have been working hard to establish the UAE as a global digital hub. Bybit's decision to set up a global headquarters in Dubai confirms that our efforts have achieved interim results," said Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade and Head of Talent Attraction Department in the UAE. "Cryptocurrencies and encrypted assets like blockchain have disrupted the traditional financial industry. To stay ahead in this rapidly changing industry, we are focused on creating an ecosystem conducive to business development, attracting and empowering high-growth companies with stable regulations. This initiative has attracted a large amount of new generation foreign direct investment, creating new job and investment opportunities. For talent engaged in virtual assets and Web 3.0 industries, this will also become one of the most attractive livable cities globally."

"Bybit will actively develop innovative virtual asset solutions to contribute to the flourishing economic development of the UAE, and our global headquarters is also set to be located in Dubai. As the virtual asset field matures rapidly, we will help stakeholders deepen their understanding of this complex industry. This preliminary approval presents an unprecedented opportunity for Bybit, allowing us to provide strong support for the grand goal of making the UAE and the entire region a global center for virtual asset technology," said Bybit Co-founder and CEO Ben Zhou.

Bybit's management team consists of outstanding talents with diverse backgrounds in fintech, IT, cryptocurrency, investment, and law, driving it to become one of the fastest-growing virtual asset trading platforms. In May 2021, the platform reached a peak daily trading volume of $76 billion. Furthermore, Bybit is also ranked third globally in terms of digital asset companies by website traffic.

The new Bybit headquarters office is expected to be operational as early as April 2022, currently recruiting talents, with the existing team and business gradually moving to the brand-new Dubai headquarters.

Earlier this month, the UAE issued the new "Dubai Virtual Asset Management Regulations," in line with the spirit of promoting industry development, dedicated to constructing a regulatory framework for the entire industry, providing robust protection mechanisms for investors, enhancing transparency in cross-border transactions, and ensuring global market integrity.