Founded in 2018, it is the world's third busiest crypto exchange
International law firm Norton Rose Fulbright has advised crypto-currency exchange Bybit on its entry into the United Arab Emirates (UAE) market as the platform relocated its global headquarters from Singapore to Dubai.
Recently, UAE approved a new digital assets law to improve regulatory certainty for crypto businesses and support the growth of the industry in the Middle East.
Thereafter, Norton Rose Fulbright assisted Bybit to set up its technology and software business and investment arm in UAE's free zones, the Dubai World Trade Centre and the Dubai International Financial Centre. To enable the crypto platform to operate in the country, the law firm's Dubai office had led the negotiations with the UAE regulator.
Jonathan Burton, the corporate counsel at Norton Rose Fulbright in Dubai, said, "This is an exciting new sector having a huge amount of opportunity. We look forward to seeing its continued growth across the region in the coming months."
Ben Zhou, the co-founder and CEO at Bybit said, "We are excited to be serving global users from our new home in the UAE via the Bybit platform. UAE's forward-thinking vision to establish itself as a global digital hub is a great fit with Bybit's culture of innovation."
As part of the new law, UAE has created a specialist regulator, the Dubai Virtual Assets Regulatory Authority, to oversee the crypto market.
Recently, UAE's foreign trade minister Thani Al Zeyoudi said, "Bybit's decision to open its global headquarters in Dubai is a milestone in our efforts to position the UAE as a global digital hub. Virtual assets such as crypto-currency and blockchain have changed finance forever. To stay ahead in this fast-changing industry, we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies."