Introducing tailored regulations, Dubai seeks to become the dream destination for the global crypto industry. Big crypto firms are rushing to set up shops in Dubai after it began to offer virtual asset licenses. Under the new licensing regime, several crypto exchanges hopped on to set up operations in the city.
The two cryptocurrency exchanges that are the most recent additions to the growing league of crypto-related companies beginning operations in Dubai are Bybit and Crypto.com.
Major industry players that have already been establishing a foothold in the Gulf state include Crypto.com, FTX, and Binance. With this, Binance will soon expand its presence by operating within Dubai’s ‘test-adapt-scale’ virtual asset market model.
Seeing the potential, ByBit also announced its plan to relocate its global headquarters from Singapore to Dubai. Another crypto giant Crypto.com is also considering opening a regional hub in Dubai. It intends to launch a substantial recruitment drive in the coming months. But crypto companies are not the only ones Dubai has been going after.
With the uptick in sanctions, wealthy Russian investors are seeking property in Dubai too. At least 38 businessmen tied to Russian President Vladimir Putin own villas worth more than $314 million collectively in the Emirates.
On the heels of Singapore’s crypto curbing regulations came Dubai’s new legislation that flocked big crypto companies seeking a haven for their crypto operations. Bybit was among the companies which departed from Singapore sensing high risks and tightened regulations.
Moreover, the U.S is weary since it has imposed stringent sanctions on Russia. Hence, Russian investors are actively participating to make Dubai their new crypto hub as well.
Consequently, U.S. treasury secretary Wally Adeyemo issued the warning saying – “What we want to make very clear to crypto exchanges, to financial institutions, to individuals, to anyone who may be in a position to help Russia take advantage and evade our sanctions: We will hold you accountable.”
