Dubai is ramping up to become the crypto capital of the world as two more crypto companies have set up their offices in the city-state.
Cryptocurrency exchange Bybit announced on Monday that it would be moving its headquarters from Singapore to Dubai. Moreover, Crypto.com has announced to set up its regional office in the city.
Previously, global crypto exchanges like FTX and Binance had received licenses to operate in the city, as reported by Business Today.
Dubai’s ruler, Sheikh Mohammed Bin Rashid announced earlier this month that the emirate had enacted its first law governing virtual assets and had also formed an independent regulator to regulate the cryptocurrency sector.
The Dubai Virtual Asset Regulation Law was introduced to develop Dubai and the UAE as regional and global destinations for the crypto market players.
The Dubai Virtual Assets Regulatory Authority (VARA), a regulatory body, will oversee the development of the virtual asset business environment in terms of regulation, licensing, and governance.
As regional economic competition heats up, Dubai has been encouraging the growth of the crypto sector by creating a regulatory environment to attract crypto businesses and talent to the city.