Asian Tech Press (Mar. 29) -- Crypto platforms Bybit and Crypto.com announced Dubai offices amid the UAE's drive to become a blockchain center.

Fastest growing cryptocurrency exchange Bybit said Monday it will move its global headquarters to Dubai, and crypto platform Crypto.com said it would establish a regional hub there.

Dubai, one of the UAE's seven emirates and the region's trade hub, in mid-March adopted its first crypto law and set up the Dubai Virtual Assets Regulatory Authority, a regulatory body for virtual assets.

"Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in the UAE," the exchange said in a statement, "From April 2022 onwards, we will begin offering a full suite of products and services in the UAE."

Singapore-based crypto exchange app Crypto.com also announced Monday its long-term commitment to the United Arab Emirates with the establishment of its regional hub office in Dubai.

Crypto.com said it will be launching a substantial recruitment drive in the coming months to establish a significant presence in the market.