Yahoo Finance Crypto exchange Bybit moves headquarters to Dubai from Singapore
By Joanna Ossinger
(Bloomberg) — Cryptocurrency exchange Bybit announced plans to move its headquarters to Dubai from Singapore, as the emirate steps up efforts to attract companies in the fast-growing industry.
Bybit will start operations in Dubai 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 Monday. Crypto.com, also based in Singapore, separately said it will set up a regional base in Dubai, and plans to establish a “significant” presence there.
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 centres tighten oversight. Singapore earlier this year instructed crypto companies to refrain from consumer-facing marketing in a bid to limit speculation in digital assets.
“Being headquartered in Dubai, it allows us to have a domiciled presence that does not affect our global standing,” Bybit Chief Executive Officer Ben Zhou said in an emailed response to questions. The company didn’t say whether the change of headquarters will involve moving employees from Singapore to Dubai.
Dubai is also a favoured destination for crypto companies from India, which is imposing onerous taxes on digital assets and whose central bank has sought to ban cryptocurrencies. Other countries like the U.K. are also taking a tough stance on crypto regulation, potentially paving the way for the emirate to attract more business.
© 2022 Bloomberg L.P.
