In a move to replicate the success of Dubai and the UAE in attracting cryptocurrency businesses, UK economic development officials have extended an invitation to Bybit's leadership to establish a presence in London. Bybit CEO Ben Zhou revealed that the UK government is eager to attract major businesses and create jobs, with a focus on pro-crypto regulation. Founded in 2018, Bybit relocated its headquarters to Dubai from Singapore in 2022 and is currently the second-largest crypto exchange, according to CoinGecko. The presence of crypto giants like Bybit and Binance in the UAE has drawn smaller crypto companies to the region, a phenomenon the UK hopes to replicate.
Zhou noted that the UK has not yet built momentum in this area, but the arrival of major players could create a ripple effect. 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 stated that the invitation was extended by an economic development board, which claimed to have a direct line to the prime minister, with an agenda to drive innovation, particularly in crypto.
The timing of the invitation is notable, given the recent instability in the UAE due to the US-Israel war, which has prompted an exodus of residents and tourists. The UK government appears to be seeking to capitalize on this situation to win back companies and investment.
Zhou observed that the UK government has taken notice of the outflow of money and companies to the UAE and is now seeking to reclaim it, making this an opportune time for collaboration.