Hongkong

Dubai

<p>Ben Zhou, the CEO of Dubai-based crypto spot and derivatives trading platform Bybit, has recently lauded the regulatory approach of Asian and Middle Eastern countries.</p><p>In a recent<a href="https://www.coindesk.com/markets/2023/07/24/first-mover-asia-bybit-ceo-ben-zhou-regulators-see-crypto-as-an-opportunity-not-a-crisis/" rel="noopener noreferrer nofollow"> interview</a> with CoinDesk, Zhou singled out Hong Kong and the United Arab Emirates (UAE) in particular, while also drawing attention to the contrasting approach taken to regulation of digital assets in North America, particularly Canada.</p><h2 id="header-0">Differing regulatory approaches</h2><p>The Bybit CEO believes that the tone set by regulators towards the crypto industry differs significantly between regions, with Asia and the Middle East displaying a more collaborative and supportive stance compared to North America. He perceives a shift in the attitude of regulators, seeing cryptocurrencies as an opportunity rather than a crisis.</p><p>Praising Hong Kong and Dubai Regulators, Zhou highlights Hong Kong’s aggressive efforts to attract crypto companies by tapping into the talents within the industry. While recognizing the common goals among regulators worldwide, he notes that Dubai’s crypto regulatory framework has advanced even further than Hong Kong’s.</p><p>Bybit’s strategic moves underline Zhou’s praise for these regions’ regulatory environments. On April 1, Bybit announced plans to establish its core operations in Hong Kong, positioning its research and development (R&amp;D) and marketing teams in the Chinese autonomous territory.</p><p>Subsequently, on April 17, Bybit officially<a href="https://medium.com/&#64;coinness.gl/bybit-chooses-dubai-for-global-hq-d200c0fca18c" rel="noopener noreferrer nofollow"> unveiled</a> its headquarters at the Dubai World Trade Center, a year after receiving in-principle approval to operate its crypto asset business in the UAE.</p><h2 id="header-1">Canadian market exit</h2><p>However, Bybit faced challenges in Canada due to its evolving regulatory landscape. While the company claimed not to operate in the United States, it had onboarded customers in Canada in the past. The situation changed in May when Bybit<a href="https://decrypt.co/142945/bybit-announces-exit-from-canada" rel="noopener noreferrer nofollow"> withdrew</a> its services from Canada following the fallout from the FTX exchange scandal in November 2022.</p><p>The regulatory environment became increasingly stringent, prompting Bybit to exit the Canadian market. Despite having ongoing conversations with Canadian regulators and receiving an invitation to apply for a crypto license, the restrictions on stablecoin usage played a significant role in the company’s decision to withdraw.</p><h2 id="header-2">Fifth most popular exchange</h2><p>Presently, Bybit ranks as the fifth most popular crypto exchange in the world, according to a report by CoinGecko for the second quarter of 2023.</p><p>The company has been extending out its product offering, recently<a href="https://medium.com/coinmonks/bybit-extends-service-offering-to-include-lending-ea87a1672b91" rel="noopener noreferrer nofollow"> entering</a> the crypto lending arena. Towards the end of May, the business<a href="https://medium.com/&#64;coinness.gl/bybit-gets-outline-approval-to-operate-in-kazakhstan-24bf77be25f3" rel="noopener noreferrer nofollow"> received</a> “in-principle” approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading business and digital asset custodian in Kazakhstan.</p><p>In June the crypto exchange followed the lead of other global crypto platforms such as Crypto.com and Binance by<a href="https://medium.com/&#64;coinness.gl/bybit-powers-trading-tools-via-chatgpt-integration-35bef34261e9" rel="noopener noreferrer nofollow"> integrating</a> artificial intelligence-driven trading tools into its platform for the benefit of its users.</p><p>As the crypto sector continues to evolve, the differing regulatory approaches in different regions will play a crucial role in shaping its future. Bybit’s CEO, Ben Zhou, advocates for collaboration between regulators and crypto companies, emphasizing that viewing cryptocurrencies as an opportunity will foster innovation and growth in the industry.</p>

Bybit CEO Applauds Hong Kong and UAE Regulatory Approaches

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