Deribit, Largest Crypto Options Exchange, Eyes Dubai Expansion

Dubai is positioning itself as a welcoming location for cryptocurrency companies that are seeking more favorable regulations during the current market downturn. In fact, the city has recently granted licenses to several crypto exchanges such as Binance, Bybit and Komainu.

With a slowdown in its real estate industry, Dubai is trying to attract more crypto firms to the city. The emirate has announced a plan to attract over 1,000 blockchain and metaverse companies to the city, as well as 40,000 virtual jobs by 2030.

Recent failures of well-known cryptocurrency exchanges like FTX have prompted regulators in the United Arab Emirates (UAE) to reevaluate Dubai's goal to become the leading crypto hub in the Middle East.

The Gulf state has put in place stricter regulations for businesses operating in the UAE earlier this year in an attempt to limit their influence.