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<p><strong>As more crypto and blockchain companies leave the US market, the MENA region, led by the UAE and Bahrain, is poised to become the new crypto Silicon Valley. Dubai&#8217;s VARA has introduced regulations that have generated interest in its virtual assets ecosystem.</strong></p>
<h2 style="text-align: center;" id="major-crypto-companies-shift-focus-to-uae-and-mena">Major Crypto Companies Shift Focus to UAE and MENA</h2>
<p>Coinbase, Circle, and Bittrex are among the crypto giants moving their attention from the US market to the Middle East and North Africa (MENA) region, with the United Arab Emirates (UAE) emerging as a popular destination. This exodus is primarily driven by regulatory challenges and an unfavorable economic environment in the US.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">Great meeting with Minister of Economy H.E. Abdulla Bin Touq Al Marri in UAE 🇦🇪<a href="https://twitter.com/Economyae?ref_src=twsrc%5Etfw">@Economyae</a> <a href="https://t.co/1zIH5dZFeB">pic.twitter.com/1zIH5dZFeB</a></p>
<p>&mdash; Brian Armstrong 🛡️ (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1655551308299108353?ref_src=twsrc%5Etfw">May 8, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="coinbase-engages-with-uae-regulators">Coinbase Engages with UAE Regulators</h2>
<p>Coinbase CEO Brian Armstrong is currently in the UAE, <a href="https://www.difc.ae/">meeting</a> with policymakers and regulators while also delivering a keynote address at the Dubai Fintech Summit. The company is actively working with Abu Dhabi Global Market (ADGM) regulators to expand its international exchange&#8217;s licensing and availability, and is engaging with Dubai&#8217;s Virtual Assets Regulatory Authority (VARA) to develop a retail framework for virtual assets.</p>
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<p lang="zxx" dir="ltr"><a href="https://t.co/2mk12auMye">pic.twitter.com/2mk12auMye</a></p>
<p>&mdash; Brian Armstrong 🛡️ (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1655564754851893248?ref_src=twsrc%5Etfw">May 8, 2023</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 style="text-align: center;" id="circle-and-bittrex-eye-uae-opportunities">Circle and Bittrex Eye UAE Opportunities</h2>
<p>Following in <a href="https://walletinvestor.com/magazinadmin/coinbase-launches-international-crypto-exchange/">Coinbase</a>&#8216;s footsteps, Circle and Bittrex have also shown interest in the UAE market. Circle CEO Jeremy Allaire cited regulatory challenges in the US as a reason for the devaluation of its stablecoin, USD Coin. Bittrex Global CEO Stephen Stonberg praised the UAE and Dubai as friendly jurisdictions for the crypto industry, as local regulators increasingly embrace blockchain-related technologies.</p>
<h2 style="text-align: center;" id="stricter-regulations-drive-crypto-companies-away-from-the-us">Stricter Regulations Drive Crypto Companies Away from the US</h2>
<p>Many crypto and blockchain companies are moving away from the US due to stricter regulations. They seek clear rules and supportive environments for growth and innovation. Recently, New York State Attorney General Letitia James proposed legislation to impose tighter regulations on the crypto industry, aiming to protect investors, consumers, and the economy.</p>
<h2 style="text-align: center;" id="mena-region-emerges-as-a-new-crypto-haven">MENA Region Emerges as a New Crypto Haven</h2>
<p>As more crypto and blockchain companies leave the US market, the MENA region, led by the UAE and Bahrain, is poised to become the new crypto Silicon Valley. Dubai&#8217;s VARA has introduced regulations that have generated interest in its virtual assets ecosystem. Ali Jamal, CEO of UAE-based Cryptos Consultancy, has observed a significant increase in inquiries from businesses looking to establish virtual asset practices in Dubai. As this trend continues, the UAE is well-positioned to become a hub for innovation and investment in cryptocurrencies and blockchain technology.</p>

Crypto Giants Flock to MENA Region, Leaving US Market Behind

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