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Dubai Becomes Home To Cryptocurrency Exchange Bybit
Bybit attracts cryptocurrency users with its intuitive trading platform and 99.9% availability track record.
Bybit has just joined the growing list of cryptocurrency exchanges that have settled in Dubai after the emirate embarked on a path to becoming a crypto-friendly destination with a robust regulatory regime.
Founded in 2018, Bybit currently has over two million registered users, who use the exchange to buy, sell, trade, and earn with cryptocurrencies.
According to the official announcement, Bybit wants to move its headquarters to Dubai and offer a full suite of products and services in the UAE from April 2022 onwards.
“We are pleased to announce that Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in the UAE,” states the exchange in the official announcement.
Bybit attracts cryptocurrency users with its intuitive trading platform and 99.9 percent availability track record. In addition to spot trading, Bybit users can also speculate, hedge, and increase leverage with futures contracts.
Other cryptocurrency exchanges that have a virtual asset to operate in Dubai include Binance, the world’s largest cryptocurrency exchange, and Crypto.com, a Singapore-based cryptocurrency exchange powered by the CRO token.
“Virtual assets such as cryptocurrency and blockchain have changed finance forever,” said H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention. “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.”
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So far, the effort is bearing fruit because the Middle East is one of the fastest-growing cryptocurrency markets in the world, accounting for 6.6 percent of global cryptocurrency activity.
In the UAE alone, the digital economy contributes around 4.3 percent to the gross domestic product, and the number is expected to increase as more and more exchanges like Bybit take advantage of the favorable regulatory environment.
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Checkout.com Set To Launch Card Issuing In The UAE
The payment service provider’s expansion is a first-of-its-kind investment and could reshape digital transactions across the region.
Checkout.com is laying the groundwork to become the first global payments platform to introduce card issuing in the United Arab Emirates — a move that could reshape how businesses in the region manage financial transactions.
The company plans to roll out its domestic card issuance offering in the UAE by 2026, subject to regulatory approval. The launch would give businesses the tools to issue both physical and virtual branded cards. This, in turn, opens up new ways to reward customers, streamline expense processes, and handle B2B payouts efficiently.
Checkout.com’s CEO and Founder, Guillaume Pousaz, revealed the plans during Thrive Abu Dhabi, the firm’s debut conference in the Emirates. Joined on stage by Remo Giovanni Abbondandolo, General Manager for MENA, Pousaz presented to an audience of over 150 partners and merchants at Saadiyat Island. Also in attendance was H.E. Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Abbondandolo highlighted the strategic importance of the announcement: “As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy. The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it”.
One early adopter of Checkout.com’s UAE acquiring services is Headout, a travel experiences marketplace, which recently named the payment provider as its main partner in Europe. The company has already begun card issuing there and is keen to expand that offering into MENA once approval is granted.
The expansion of services in the UAE and beyond builds on Checkout.com’s track record in the region. It was the first global payments firm to secure a Retail Payment Services license from the UAE’s Central Bank and was instrumental in rolling out Mada and Apple Pay in both the UAE and Saudi Arabia.
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The firm has also been rolling out new products: One of the latest is Flow Remember Me, currently in beta testing. It allows shoppers to store their card information once and access it across Checkout.com’s entire network, potentially cutting checkout times by up to 70%.
Earlier this year, Checkout.com also introduced Visa Direct’s Push-to-Card solution in the UAE, enabling both domestic and international payouts. Its collaboration with Mastercard has grown as well, making it easier for businesses to send funds directly to third-party cards securely and quickly.
With regional tech ambitions on the rise — spurred by initiatives like Saudi Arabia’s Vision 2030 and the UAE’s 2031 Agenda — Checkout.com sees its role as one of a key enabler. “Our mission is to help ambitious businesses navigate the complexity of payments, so they can move faster, go further, and make the most of every opportunity,” said Abbondandolo. “In MENA, performance is personal. It’s local. It’s built on trust. And when payments perform, businesses thrive”.
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