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    Crypto.com, Bybit Relocate to Dubai as Emirate Becomes Cryptocurrency Hub

    Crypto.com will be establishing a new office in Dubai after the recent announcement that the emirate aggressively seeks to become a crypto hub.

    Cryptocurrency exchange Bybit also announced it will be relocating its global headquarters to Dubai.

    Crypto.com stated it will be launching a “substantial recruitment drive” in the coming weeks to build a larger presence there.

    Both Binance and FTX Europe acquired operational licenses after Dubai established its regulatory and licensing authority for businesses in the industry.

    The Emirate of Abu Dhabi also has plans to join Dubai in its goal to become a crypto hub.

    Currently, Crypto.com is headquartered in Singapore, where recently the Monetary Authority of Singapore (MAS) stated that cryptocurrency is “highly risky and not suitable for the general public, as the prices of DPTs are subject to sharp speculative swings.”

    Before its recent relocation to Dubai, Bybit was also headquartered in Singapore.

    MAS has observed that some crypto service providers have been actively promoting their services through online and physical advertisements or through the provision of physical ATMs in public areas.

    According to MAS, this could encourage consumers to trade crypto on impulse, without fully understanding the attendant risks.

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