In a bid to replicate the success of Dubai 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 big businesses and create jobs, with a focus on forthcoming pro-crypto regulations. Having founded Bybit in 2018 and relocated its headquarters to Dubai from Singapore in 2022, Zhou noted that the arrival of major crypto companies like Bybit and Binance in the UAE has created a magnetic effect, drawing smaller crypto firms to the region.
The UK aims to emulate this phenomenon. Zhou's meetings with the Financial Conduct Authority and the House of Lords coincided with UK Fintech Week and the Treasury's plans to revamp payment systems using stablecoins and tokenization. Although the UK Treasury and other government departments declined to comment, Zhou emphasized that the invitation was extended by an economic development board with direct access to the Prime Minister, highlighting the UK's agenda to drive innovation, particularly in the crypto sector. The timing of the invitation is notable, given the recent unrest in the UAE and the resulting exodus of residents and companies.
According to Zhou, the UK government seeks to capitalize on this situation, recognizing the opportunity to 'win back' the outflow of money and companies that have migrated to the UAE.