US-based cryptocurrency exchange Coinbase is considering using the United Arab Emirates as a hub for international services in the Middle East and other nearby regions.
May 8th TweetCoinbase Vice President of International and Business Development Nana Murugesan said the country could become a strategic hub for the exchange.
The exchange’s CEO Brian Armstrong has praised the UAE’s progressive regulatory efforts in the crypto space. He said:
“[UAE has the] It is the world’s first dedicated cryptocurrency regulator, has a clear published rulebook (!), is business-friendly, and strongly protects its customers. ”
Why Coinbase Wants To Expand To The UAE
May 8th blog postMurugesan explained why the exchange was looking to expand into the UAE.
According to the post, the United Arab Emirates has become a center of web3 innovation and “a major hub in the Middle East, Africa and India as they explore crypto use cases relevant to the wider region.”
Due to its location, large expat population, economic conditions and other demographic characteristics, as well as the clarity of regulations regarding crypto, we believe Coinbase is an ideal country to invest in.
“[UAE] It serves as a particularly strategic bridge between Asia and Europe.
Murugesan wrote that Coinbase plans to register and license the Coinbase International Exchange in the UAE and is working with the Abu Dhabi Global Market (ADGM) regulator to accomplish this.
The exchange is also in talks with Dubai’s Virtual Assets Regulatory Authority (VARA) and aims to be licensed by the regulator. VARA is currently working on a retail framework for crypto trading activity in the country.
Recent regulatory issues in the US have forced Coinbase to spread its tentacles abroad. At the beginning of the month, we launched an international derivatives exchange aimed at professional traders. This exchange is licensed by the Bermuda Monetary Authority (BMA).
A post by Coinbase considering the UAE as an international hub first appeared on CryptoSlate.
