DGAP-News

Cryptocurrency Exchange Bybit Receives In-Principle Approval to Conduct Virtual Asset Business in UAE and Move Global Headquarters to Dubai

DGAP-News: Bybit / Key word(s): Miscellaneous Cryptocurrency Exchange Bybit Receives In-Principle Approval to Conduct Virtual Asset Business in UAE and Move Global Headquarters to Dubai 28.03.2022 / 18:50 The issuer is solely responsible for the content of this announcement. Cryptocurrency Exchange Bybit Receives In-Principle Approval to Conduct Virtual Asset Business in UAE and Move Global Headquarters to Dubai

- UAE welcomes Bybit and heralds growth of 'next generation FDI'

- Bybit is committed to a continuous constructive dialogue with regulators and legislators in the UAE and will play a key role in educating investors and wider public on digital assets

DUBAI, UNITED ARAB EMIRATES - Media OutReach - 28 March 2022 - Cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai, the firm announced today at a joint press conference with the UAE Ministry of Economy at the World Government Summit 2022. Bybit also announced that it plans to set up its global headquarters in Dubai, offering a full suite of products and services globally, under the Emirate's "test-adapt-scale" virtual assets market model.

 

Ben Zhou, co-founder and CEO of Bybit and H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention at the World Government Summit 2022 in Dubai

Bybit stressed it was fully committed to supporting the regulatory efforts of the UAE government and is looking to share its in-depth industry knowledge, experience and insights with all stakeholders. Bybit has a key role to play in educating retail investors and the wider public in how to use virtual assets in a safe and responsible manner, helping the UAE manage risks within a framework for responsible growth.

"Bybit's decision to open its global headquarters in Dubai is a milestone in our efforts to position the UAE as a global digital hub," said H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention. "Virtual assets such as cryptocurrency and blockchain have changed finance forever. 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 we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world's most attractive places to live and work for those in virtual assets and web 3.0 industries."