America’s largest cryptocurrency exchange Coinbase is considering the United Arab Emirates (UAE) as a potential strategic hub for its international operations.
In a Monday blog post, Coinbase’s vice president for international and business development Nana Murugesan disclosed that the exchange is currently in talks with Abu Dhabi Global Market (ADGM) regulators to expand the licensing for the just-launched Coinbase International Exchange.
Coinbase to Make UAE a Hub
The Coinbase executive team, including co-founder and CEO Brian Armstrong and Murugesan, are currently in the UAE for meetings with policymakers, Web3 and crypto founders, and clients. Armstrong is set to give a keynote speech at the ongoing Dubai Fintech Summit under the patronage of the Royal Highness, who is also the Deputy Prime Minister and the Minister of Finance.
“And this week we are delighted to be on the ground in Dubai and Abu Dhabi meeting key local stakeholders and commending in person the role they have played in creating such a welcoming environment. There is no doubt that UAE has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world,” Murugesan said.
Coinbase is also working with Dubai’s Virtual Assets Regulatory Authority (VARA) as the regulator works toward creating a comprehensive framework for crypto assets following economic sustainability and cross-border financial security principles.
The exchange believes the economic and technological opportunities provided by crypto and Web3 in the UAE will play an important part in achieving its goal of bringing one billion users to the nascent sector. The country, which serves as a bridge between Asia and Europe, will aid Coinbase in expanding its global footprint.
A Welcoming Environment
Furthermore, Coinbase praised the UAE for creating an environment that is welcoming for crypto businesses and the development of the Web3 ecosystem. The existing and forthcoming rules align with the region’s objective of becoming a global leader in the blockchain space.
“In short, the region is standing-out as a leader in the development of a web3 ecosystem, making it an attractive location to consider investing in. The vacuum created by other notable jurisdictions means that international counterparts, such as the UAE, are racing to fill the regulatory gap,” Murugesan added.
While it remains unclear if Coinbase will eventually center its operations in the UAE due to the favorable regulatory environment, Armstrong has clarified that the exchange will remain 100% committed to the US.
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