Dubai is emerging as the power center for crypto in the Gulf, displacing Singapore as the default home for crypto after a widescale ban by China sent many firms into exodus.

The complete ban on cryptocurrency transactions by the Peoples’ Bank of China (PBOC) created a competition for a new regional home for crypto. Singapore emerged as an early favorite based on the expectation of friendly regulation, but the country has only granted a few licenses, with has many becoming restless. Enter Dubai.

Who is moving to Dubai? ByBit, an exchange, is the most recent to make the move. They follow Crypto.com, FTX, and Binance—who have already set up shop in Dubai.

The larger question remains around whether Dubai will be able to work with the crypto industry in a way that Singapore has not (up to this point). The move away from Singapore to Dubai was predicated on a slow-moving regulatory process within the city-state and a recent move to limit the visibility of crypto firms by restricting the ability to advertise and market their services.

How will Dubai handle advertising? It remains to be seen.

Earlier this month, Dubai set up the Virtual Asset Regulatory Authority, which will offer licenses to operate in the emirate. Binance led the way in lobbying for a bespoke regulatory authority.

Read more:

Dubai lures clutch of big crypto firms with tailored regulations [Financial Times]

Dubai’s New Crypto Law Attracts Bybit And Crypto.com To Set Up Local Offices [Forbes]

Dubai's new crypto regulator brings UAE firm BitOasis under its wing [Reuters]

Dubai adopts first virtual asset law, establishes regulator [Reuters]