• Coinbase, a global crypto exchange, is considering establishing an international hub in the United Arab Emirates (UAE).
• CEO Brian Armstrong praised the country for its forward-thinking approach to crypto regulation and strategic location.
• The UAE has become a center for web3 innovation, boasting over 500 startups and offering funding and access to blockchain and virtual asset infrastructure.
Coinbase Considering International Hub in UAE
Coinbase, a global crypto exchange, is considering establishing an international hub in the United Arab Emirates (UAE). CEO Brian Armstrong believes the UAE is well positioned to expand and serve markets in the Middle East, Africa, and Asia due to its progressive stance on crypto regulation and strategic location.
Positive Regulatory Environment
At the Dubai FinTech Summit 2023, Armstrong commended the UAE for its progressive stance on crypto regulation. He highlighted that the region serves as a “strategic bridge” between Asia and Europe, two of Coinbase’s existing focus areas. Additionally, he acknowledged the UAE’s regulatory environment as being more forward-thinking compared to many US regulations surrounding cryptocurrency.
Crypto Investing Popularity
The UAE has rapidly become a center for web3 innovation with over 500 startups located in Dubai alone. Furthermore, Hub71 offers funding and access to blockchain-based virtual asset infrastructure. Over 11% of the population owns cryptocurrency making it an attractive market for Coinbase to expand into.
The country serves as a strategic bridge between Asia and Europe which are two of Coinbase’s existing international focus areas contributing to its global growth strategy. Additionally, Regulatory progress in the UAE aligns with Coinbase’s objectives as they work together to establish comprehensive retail framework for virtual assets emphasizing economic sustainability and cross-border financial security.
Future Plans Not Affected by US Regulations?
Despite ongoing difficulties with US regulators regarding cryptocurrencies Armstrong made clear that Coinbase has no intention of leaving its home market but rather exploring alternative financial hubs such as Dubai Singapore or Hong Kong which have become increasingly attractive due their welcoming regulatory landscapes towards cryptos