Igneus Terrenus, the Head of Communications at Bybit, speaks about the crypto landscape in the region and his company’s plans to expand its footprint in the region
What can you tell us about the cryptocurrency landscape in the UAE? And how is it different from Europe and Asia?
In the UAE, the government welcomes the innovative spirit behind cryptocurrencies and blockchain, allowing these technologies to flourish in their jurisdictions.
As such, UAE has become a market to be reckoned with in the blockchain world. We’re excited to see this trend, which is why we are excited to be here to learn and understand more.
The government’s embrace of blockchain and cryptocurrencies is also garnering significant global attention and excitement toward UAE.
There has been a lot of discussion about cryptocurrency regulation. Do you think cryptocurrency requires regulation to succeed?
Progressive regulation will be an immense net positive in the long run. It will help assuage the doubts from crypto-curious investors and ensure both investor protection and the healthy development of the industry. This is also beneficial for large and progressive exchanges like Bybit.
Bybit’s goals are not very different from those of regulators. We both want to protect crypto investors while allowing the industry to thrive at the same time.
What do you say to critics who believe cryptocurrencies are too volatile to be called a currency?
Where crypto is utilised as assets, it is not so much more volatile than other commodities. Where crypto is used as a currency for payment, the local fiat currency goes through double – (Turkey, Nigeria), if not triple- or quadruple- (Venezuela), digit inflation. And if we measure in Bitcoin terms, the U.S. dollar has lost 99.99% of its purchasing power in the last 13 years.
Have you had any discussion with UAE regulators and does Bybit have any plans to enter the UAE market?
We are actively engaging with policymakers in UAE. We are exploring the possibility of opening Bybit’s Dubai office in the very near future. One of the great takeaways from this trip is the immense market potential here, and we can’t wait to see what the future holds for Bybit in the Middle East.