In a move to replicate the success of the United Arab Emirates in attracting major cryptocurrency players, UK economic development officials have extended an invitation to Bybit, a leading crypto exchange, to establish a presence in London. Bybit's CEO, Ben Zhou, revealed that the UK government is eager to attract large businesses and create jobs, with a focus on forthcoming pro-crypto regulations. Bybit, founded in 2018 and currently headquartered in Dubai, is the second-largest crypto exchange globally, according to CoinGecko.
The UK aims to emulate the UAE's ability to draw in smaller crypto companies, which were attracted to the region after the arrival of major players like Bybit and Binance. Zhou's meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and a Treasury plan to revamp payment systems using stablecoins and tokenization. The invitation is seen as an attempt by the UK to win back businesses and investment that have flowed into the UAE, particularly in light of recent geopolitical tensions in the region.