The two cryptocurrency exchanges will begin operations in the Middle East after securing licenses within the region.
According to the official news release by Crypto.com, the crypto exchange has been greenlit by the United Arab Emirates to establish regional headquarters and accelerate the development of digital finance in Dubai.
Alongside setting up in the Middle East, Crypto.com will be helping Investopia launch its first conference called Investopia Summit where leaders in the fintech and cryptocurrency sectors will discuss the future of digital assets.
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UAE Minister of State for Foreign Trade H.E. Thani Al Zeyoudi spoke on Dubai’s plans for the blockchain sector, stating:
"Cryptocurrencies, virtual assets and the blockchain are exciting new sectors that are already revolutionizing how money, information and value is stored and transferred. The UAE is now developing a robust governance and regulatory framework to ensure that we are providing a best-in-class environment for companies in this space to flourish – and to position the UAE as the ideal platform for disruptive ideas with global impact."
Likewise, the COO of Crypto.com Eric Anziani highlighted the increasing demand for innovative finance solutions, and how "technology, advanced AI, and quantum computing is driving the need for digital assets and cryptocurrencies."
More than that, another large crypto exchange Bybit has secured approval from the UAE to operate in Dubai, and will attempt to provide the region with its experience in the crypto market in order for the UAE to set up a proper regulatory framework.
Co-founder and CEO of Bybit Ben Zhou spoke on the company securing its approval in the Middle East, stating:
"I believe we could help further stakeholders’ understanding of this complex industry as the virtual assets space continues to rapidly mature. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider region’s ambition to become a global virtual assets technology hub."
Bybit will be officially launching in Dubai in April 2022, while the Investopia Summit, supported by Crypto.com, will be held on the 27th of March, 2022.
This hasn’t been the first time this month that a large crypto exchange entered the Middle Eastern market. Just a few weeks ago, FTX Europe secured licensing in Dubai, and will also be setting up headquarters in the region.
