It seems that the Dubai World Shopping Center has become the focus of attention of the largest cryptocurrency exchanges, and the most famous exchanges are rushing to establish a long-term residence in Dubai to become a global center of their operations.
Cryptocurrency exchanges Bybit and Crypto.com have announced plans to move their operations to Dubai as the United Arab Emirates ramps up efforts to attract fast-growing industrial companies in the crypto world.
According to the Crypto.com exchange in a statement on Monday, it said it will establish a regional base in Dubai and plans to establish a large presence there.
Bybit said in a blog post that it will move its global headquarters to Dubai, with the start of operations early next month, after obtaining initial approval to conduct a “full-spectrum” of virtual assets business in the United Arab Emirates.
The exchanges are joining global competitors such as Binance Ltd. Holdings and FTX in expanding into the UAE. which seeks to develop its reputation as a crypto-friendly even as other financial centers tighten control.
Earlier this year, Singapore, where Cryptocom is based, instructed crypto companies to refrain from consumer-facing marketing in an effort to curb speculation in digital assets.