In an effort to replicate the success of Dubai and the UAE in attracting crypto businesses, UK economic development officials invited Bybit's leadership to London for talks. Bybit CEO Ben Zhou revealed that the UK government is eager to attract major companies and create jobs, with a focus on forthcoming pro-crypto legislation. Zhou's meetings with the Financial Conduct Authority and House of Lords representatives coincided with UK Fintech Week and a Treasury plan to overhaul payment systems using stablecoins and tokenization.
The UK's move is seen as an attempt to win back businesses and investment that have flowed into the UAE, following the arrival of crypto giants like Bybit and Binance. The invitation's timing is notable, given the recent instability in the UAE due to the US-Israel war, which has prompted many residents and tourists to leave the country.