Last Updated on 3 months by newseditor
US crypto exchange firm, Coinbase has mentioned the United Arab Emirates (UAE) as a potentially important location for its intended expansion of global operations. Recently, in a blog post, Brian Armstrong, the CEO of Coinbase, and other executives described how they were in Dubai to discuss possible expansion into the crypto-friendly region with regulators from the UAE.
The company has already started cooperating with authorities in Dubai’s Virtual Assets Regulatory Authority and Abu Dhabi’s Global Market to increase its regional presence. This article will explain Coinbase’s decision to explore crypto opportunities in the UAE and what this can mean for future investors in the market.
Coinbase Finds Crypto Opportunities for “Strategic Hub” in the UAE
Major cryptocurrency exchange in the US, Coinbase, just announced that its global derivatives platform is now live. Coinbase’s CEO, Brian Armstrong, and a few of the company’s top executives are currently visiting the United Arab Emirates to meet with business titans and decision-makers as part of their efforts to expand.
The US Securities and Exchange Commission (SEC) lately sent Coinbase a Wells Notice alerting it to possible enforcement action for potential securities law violations. Meanwhile, the company reportedly works with UAE officials to get the required licensing to conduct business there. In addition, the crypto exchange views the UAE as a crucial geographical link between Europe and Asia.
According to Coinbase, without a doubt, the UAE is likely to serve as a strategic hub for Coinbase, enhancing our global efforts. Additionally, it acts as a vital strategic link between Asia and Europe, two of our current priority international regions.
With the government actively promoting their use, the nation has been advancing significantly in using blockchain technology and cryptocurrencies. Additionally, it is well known that Coinbase is working with ADGM representatives to expand Coinbase International Exchange’s license and accessibility, even though we just launched it in Bermuda last week.
For instance, the UAE’s Securities and Commodities Authority (SCA) recently declared that it would start authorizing and regulating cryptocurrency businesses nationwide. This decision was viewed as a win for the sector as it clarified the regulatory landscape and fostered investor confidence.
During the talk at the Dubai Fintech Summit on May 8th, Armstrong acknowledged that the US currently lacks regulatory certainty, which has a detrimental effect on the country’s crypto economy. Despite this sentiment, Armstrong recently reaffirmed his commitment to keeping operations in the United States on a Coinbase earnings call, even as the company expands internationally. Meanwhile, the Dubai Blockchain Strategy seeks to turn the city into a hub for blockchain innovation, and the UAE has been investing heavily in the technology.
Because of this, the UAE is a desirable market for Coinbase, which wants to diversify and broaden its services and products internationally. By looking into possible business prospects in the area, Coinbase can build a presence in a location vital to the cryptocurrency industry and tap into a burgeoning market.