United

Prime

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 <a href="https://www.coinbase.com/blog/the-uae-recognising-the-transformative-potential-of-the-cryptoeconomy" data-wpel-link="external" target="_blank">blog post</a>, 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 <a href="https://cryptopotato.com/coinbase-officially-launches-platform-for-non-us-institutional-investors-in-bermuda-report/" data-wpel-link="internal">just-launched</a> Coinbase International Exchange.
<h2 id="coinbase-to-make-uae-a-hub">Coinbase to Make UAE a Hub</h2>
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.
<blockquote>“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.</blockquote>
Coinbase is also working with Dubai’s Virtual Assets Regulatory Authority (VARA) as the regulator works toward <a href="https://cryptopotato.com/dubai-sets-regulatory-guidlines-on-crypto-marketing-to-safeguard-investors-report/" data-wpel-link="internal">creating</a> 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 <a href="https://cryptopotato.com/coinbase-eyes-europe-expansion-hires-four-new-executives/" data-wpel-link="internal">Europe</a>, will aid Coinbase in expanding its global footprint.
<h2 id="a-welcoming-environment">A Welcoming Environment</h2>
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.
<blockquote>“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.</blockquote>
While it remains unclear if Coinbase will eventually center its operations in the UAE due to the favorable regulatory environment, Armstrong has <a href="https://cryptopotato.com/coinbase-is-100-committed-to-the-us-despite-regulatory-uncertainty-brian-armstrong/" data-wpel-link="internal">clarified</a> that the exchange will remain 100% committed to the US.
The post <a href="https://cryptopotato.com/coinbase-sees-uae-as-a-strategic-hub-for-international-operations/" rel="nofollow">Coinbase Sees UAE as a Strategic Hub for International Operations</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Coinbase Sees UAE as a Strategic Hub for International Operations

Table of Contents

CryptoPotato_News

Other articles published on May 8, 2023

BRC-20 tokens approach $1B market cap

The Recap of the Izmir MOBIX Day 2023 is here!

Coinbase Praises UAE for Crypto Regulations, as Ripple Bleeds $200 Million in Legal Fees Fighting...

Best Bitcoin Casinos: Top Crypto Casinos To Win Higher BTC

BingX x WEMIX Airdrop Event

BinaryX (BNX) Price Prediction Falling as Uwerx (WERX) 2023 Token Presale Shoots for the Moon

Join our free newsletter for daily crypto updates!