Crypto firms are rushing to set up shop in Dubai after it started to offer virtual asset licences, making the Gulf state the latest jurisdiction to seek to become a haven for the global crypto industry.
Exchange ByBit, which last week said it would relocate its global headquarters from Singapore to Dubai, joins major industry players Crypto.com, FTX and Binance in establishing a foothold in the city.
Enthusiasm for Dubai among crypto companies comes as their hopes for Singapore as a digital asset hub have faded. While Singapore has approved just a handful of crypto groups that applied for licences, Dubai has attracted several industry heavyweights in the few weeks since launching its licensing scheme.
Singapore had been viewed as a budding crypto hub in Asia, after China cracked down on digital assets last year. Now, the crypto caravan has moved on as some companies turn their sights to a more receptive regulatory regime in the Gulf.
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