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Cryptocurrency Exchange Bybit Receives Approval In Principle To Conduct Virtual Asset Business… | News

DUBAI, United Arab Emirates, March 28, 2022 (GLOBE NEWSWIRE) — Cryptocurrency exchange firm Bybit has received approval in principle to conduct a full range of virtual asset business in Dubai, announced today the company at a joint press conference with the United Arab Emirates Ministry of Economy during the World Government Summit 2022. Bybit also announced plans to locate its global headquarters in Dubai, offering a full range of products and services globally, under the emirate’s test-adapt-scale virtual asset market model.

Bybit stressed that it is fully committed to supporting the UAE government’s regulatory efforts and seeks to share its deep industry knowledge, experience and insights with all stakeholders. Bybit has a key role to play in educating retail investors and the general public on how to use virtual assets safely and responsibly, helping the UAE manage risk within a responsible growth framework. .

“Bybit’s decision to open its global headquarters in Dubai is an important step in our efforts to position the UAE as a global digital hub,” said HE Dr. Thani Al Zeyoudi, Minister of State of the Arab Emirates. united 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 of this fast-paced industry, we are building a business-friendly ecosystem with strong regulations to attract, retain and enable high-growth businesses – this is paying dividends when it comes to the next generation of FDI we see coming in. This will create jobs and investment opportunities and cement our position as one of the most attractive places in the world. world in which to live and work for virtual assets and Web 3.0 industries.

“Bybit is excited to contribute virtual asset innovations to the emirate’s vibrant economy and to have our global headquarters in Dubai. I believe we could help stakeholders better understand this complex industry as the virtual asset space continues to rapidly mature. This approval in principle is an extraordinary opportunity for Bybit to support the ambition of the UAE and the wider region to become a global virtual asset technology hub,” said Ben Zhou, Co-Founder and CEO of Bybit. .

Led by a sophisticated management team with talent from fintech, IT, virtual assets, investment and legal backgrounds, Bybit is one of the fastest growing virtual asset platforms. fast with its peak daily trading volume of US$76 billion as of May 2021. It is the third most digitally visited virtual asset company in the world.

Bybit’s new headquarters is expected to begin operations as early as April 2022 and it has begun the process of hiring talent and moving existing teams and operations to their new home in Dubai.

Dubai’s new virtual asset regulation law in the UAE was announced earlier this month. It aims to establish a regulatory framework for the sector designed to stimulate the industry by providing strong safeguards that protect investors, facilitate cross-border transparency and ensure global market integrity.

About Bybit

Bybit is a virtual asset platform created in March 2018 that features a super-fast matching engine, excellent customer service, and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, NFT market as well as API support, to retail and institutional clients worldwide, and strives to be the most trusted platform for the emerging class of virtual assets. Bybit recently became the title partner of Formula 1 racing team, Oracle Red Bull Racing.

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Ben Zhou, Co-Founder and CEO of Bybit and HE Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister Responsible for Talent Attraction and Retention

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