The Future of Crypto Business in a Post-FTX World
The CEO of crypto exchange Bybit, Ben Zhou, believes that different jurisdictions will compete for crypto business in the future. He highlights the changing attitudes of regulators in Asia and the Middle East, who see crypto as an opportunity rather than a crisis. Zhou notes that Hong Kong and Dubai are actively working to attract crypto companies and talent. However, he believes that Dubai’s Virtual Assets Regulatory Authority (VARA) is currently more advanced than Hong Kong in terms of crypto regulations. Bybit exited the Canadian market due to regulatory challenges, but Zhou suggests that they may consider re-entry if the rules change.
Key Points:
- Regulators in Asia and the Middle East see crypto as an opportunity.
- Different jurisdictions are competing to attract crypto companies.
- Dubai’s VARA has sophisticated procedures for licensing crypto exchanges.
- Bybit exited the Canadian market due to regulatory challenges.
- Bybit may consider re-entry into Canada if the rules change.
Hot Take: As crypto continues to gain traction, jurisdictions around the world are recognizing the potential economic benefits and actively competing for crypto business. Regulators are adopting more favorable attitudes and implementing regulations to attract companies and talent. This shift signals a positive outlook for the future of crypto and highlights the importance of regulatory clarity and cooperation.
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