There are almost 1,800 crypto firms in the United Arab Emirates, and they employ more than 8,600 individuals in different jobs.
Exchange for crypto Bybit has reinforced its commitment to the Middle East despite rising global turmoil, announcing the appointment of a new country manager to enhance its presence in the Middle East and North Africa (MENA) region.
Last month, tensions in the Middle East rose as the US and Israel attacked Iran. Iran struck back against several nearby countries, such as the United Arab Emirates (UAE), where Bybit has a strong presence in the region.
Crypto activity often rises during crises
Helen Liu, Bybit’s co-CEO, claimed that the company has no intentions to cut back on its work in the Middle East because of the violence.
Some businesses are rethinking how much they are exposed to the Gulf right now. We are doing the reverse. We are investing more, committing more, and getting more involved in this area, she said.
We keep putting money into local talent, following the rules, and working with the community. This problem does not change the UAE’s goal of being the world’s top digital asset hub. If anything, the strength this country is exhibiting just makes us more sure that we made the right choice to develop here.
People commonly adopt cryptocurrencies during times of crisis because they want to protect their money when they are worried about traditional banking systems becoming unstable.
After the strikes on Tehran, Iran’s biggest crypto exchange, Nobitex, saw a huge increase in withdrawals.
Source: Elliptic
Bybit appoints new MENA country manager
Bybit has announced that Derek Dai will be the new country manager for the MENA area. He will be in charge of managing the growth of the market, working with regulators, forming relationships with institutions, and developing products for specific markets.
Bybit said it has also taken steps to keep its employees in the UAE secure, such as daily check-ins, real-time safety verification, and help with moving or travelling.
Dai remarked that the Middle East is becoming an important area for the future of cryptocurrency. Bybit will spend the next few months working on making it easier to get the United Arab Emirates dirham and building connections with banks and payment processors.
Our top priority is to work more closely with financial centers like the DIFC [Dubai International Financial Centre] and the DMCC [Dubai Multi Commodities Centre], he stated.
Bybit also intends to improve the infrastructure that connects digital assets with everyday financial services” and “the development of tokenised real-world assets that bridge traditional finance and the digital asset economy.
There are almost 1,800 crypto firms in the UAE, and they hire more than 8,600 individuals. At the start of 2025, there were 67% more new licenses issued in the ADGM financial free zone in Abu Dhabi, the capital of the UAE, than in 2024.