Dubai is aiming to become the world's crypto capital

To promote cryptocurrency, the city recently passed legislation and established a regulating agency. and ByBit moving to Dubai
Dubai | Image: Bloomberg

Two more crypto businesses have opened headquarters in Dubai, putting the city-state on the fast track to become the world's crypto capital.

Bybit, a cryptocurrency exchange, said on Monday that its headquarters would be moving from Singapore to Dubai. In addition, has stated that it will open a regional office in the city.

Global crypto exchanges such as FTX and Binance had previously secured licenses to operate in the area, according to Business Today.

Sheikh Mohammed Bin Rashid, the ruler of Dubai, announced earlier this month that the emirate had passed its first law governing virtual assets and established an independent regulator to oversee the cryptocurrency business.

The Dubai Virtual Asset Regulation Law was enacted in order to promote Dubai and the UAE as regional and worldwide crypto market destinations.

The Dubai Virtual Assets Regulatory Authority (VARA), a regulatory agency, will supervise the regulation, licensing, and governance of the virtual asset business environment.

Dubai has been fostering the expansion of the crypto sector by building a regulatory framework to lure crypto enterprises and talent to the city as regional economic competition heats up.