In a bid to replicate the success of Dubai's thriving cryptocurrency scene, UK economic development officials have extended an invitation to Bybit, a leading crypto exchange, to establish a presence in London. CEO Ben Zhou revealed that the UK government is eager to attract major businesses, create jobs, and implement crypto-friendly regulations.
Bybit, founded by Zhou in 2018, relocated its headquarters from Singapore to Dubai in 2022 and is currently ranked as the second-largest crypto exchange globally. The arrival of prominent crypto players like Bybit and Binance in the UAE has sparked a surge of interest among smaller crypto companies, a phenomenon the UK hopes to replicate.
Zhou noted that the UK has yet to build momentum in the crypto space, unlike the UAE, where the presence of major exchanges has drawn in smaller players. His meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and a Treasury plan to overhaul payment systems using stablecoins and tokenization. Zhou emphasized that the invitation was extended by an economic development board claiming to have a direct line to the prime minister, with an agenda to drive innovation, particularly in the crypto sector. The timing of the invitation is significant, given the UAE's recent challenges, including direct attacks from Iran, which have prompted an exodus of residents and tourists.
The UK government appears to be seeking to capitalize on this situation, with Zhou stating that they want to 'win back' the outflow of money and companies that have migrated to the UAE.