- Coinbase has praised the United Arab Emirates (UAE), saying the region has the potential to become a “strategic hub” for the company.
- Coinbase is in discussions with Abu Dhabi Global Market (ADGM) regulators and Dubai’s Virtual Assets Regulatory Authority (VARA) regarding its activities in UAE.
- CEO Brian Armstrong and other executives are set to visit UAE and deliver a keynote address at the inaugural Dubai Fintech Summit.
Coinbase Targets UAE For Crypto Expansion
Major US-based crypto exchange Coinbase has praised the United Arab Emirates (UAE), saying that it sees great potential in making it a “strategic hub” for their business. The emirate of Dubai alone has some 500 startups, while Hub71 in Abu Dhabi provides funding for critical blockchain infrastructure projects.
Discussions With Regulators
Coinbase is already in talks with Abu Dhabi Global Market (ADGM) regulators and Dubai’s Virtual Assets Regulatory Authority (VARA) about its activities in the region, as well as about regulations related to cryptocurrencies. Coinbase believes that pro-crypto and pro-business regulations of UAE will help them reach their objective of bringing cryptocurrency to 1 billion people worldwide.
CEO To Visit Dubai
The blog post from Coinbase also came as CEO Brian Armstrong and other senior executives are set to visit the UAE. They will meet with policymakers and regulators, as well as delivering a keynote speech at the inaugural Dubai Fintech Summit.
Relocation From US?
It was revealed back in April by Brian Armstrong that relocating from US is an option for Coinbase if necessary due to increasing scrutiny from US regulatory bodies like SEC and CFTC. In March this year, Coinbase was even served a Wells Notice by SEC which typically precedes legal action.