A potential strategic hub for its international operations is being considered by Coinbase, America’s largest cryptocurrency exchange in the United Arab Emirates (UAE).
The exchange is currently in talks with Abu Dhabi Global Market (ADGM) regulators to expand the licensing for the recently launched Coinbase International Exchange. This was disclosed by Coinbase’s vice president for international and business development, Nana Murugesan, in a Monday blog post.
Coinbase to Make UAE a Hub
Meetings with policymakers, Web3 and crypto founders, and clients are currently being held by the Coinbase executive team, including co-founder and CEO Brian Armstrong and Murugesan, in the UAE. 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.
Murugesan said, “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”.
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.
Expanding its global footprint is aided by the exchange’s belief that 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 serves as a bridge between Asia and Europe.
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, which is aligned 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.
It remains unclear if Coinbase will eventually center its operations in the UAE due to the favorable regulatory environment. However, Armstrong has clarified that the exchange will remain 100% committed to the US.