Since Russia invaded Ukraine, there has been a reshuffling and strengthening of who is, and who is not, pro-cryptocurrency. Dubai, part of the United Arab Emirates, has always leaned pro-crypto, but they are making the position official by explicitly stating their intent to become a hub for the technology. They have also stated that they’ll soon be adopting a regulatory framework.
The emirate of Dubai announced they’ll be launching a regulatory license for virtual asset companies. Shortly following this announcement, FTX Europe and Binance both received their regulatory approval from Dubai. Many current cryptocurrency firms in the emirate recently spoke about receiving about 6x the regular volume of large financial transactions per month. Much of the incoming money is believed to be in the process of conversion into more stable assets like real estate in the emirate.
Presently, two large companies are moving into Dubai: Crypto.com and Bybit. Crypto.com has announced they’ll be opening an office and are going to be aggressively recruiting over the next few months, while Bybit (1.6M users, 2nd largest Bitcoin Futures market) has announced they’ll be moving their global headquarters from Singapore to Dubai having received full regulatory approval.
Crypto.com and Bybit both are based out of Singapore. Earlier this year, the country passed laws limiting the ability of companies to advertise digital assets, stating that they were too risky and “not suitable for the general public.”