An influential figure in the crypto industry was once again fascinated by the United Arab Emirates (UAE). Brian Armstrong, the CEO of Coinbase, expressed optimism about the possibility of the country seeing crypto development.
Brian mentioned the UAE in his tweet as a nation with clear cryptocurrency legislation that is advantageous for both business providers and customers. The executive team of the cryptocurrency exchange Coinbase is visiting the UAE to work with different “policymakers, regulators, partners, web3/crypto founders, and clients”.
Coinbase views the UAE as a vital center since it serves as the region’s crypto hub for the Middle East, Africa, and South Asia. As time passes, the number of blockchain-related items is exponentially growing.
Coinbase considers it to be the best nation for investment because of its location, sizable population, economic situation, other demographic factors, and legislative clarity regarding cryptocurrencies. “[UAE] serves as a particularly strategic bridge between Asia and Europe, two of our existing focus international regions to date,” according to the post.
Murugesan stated that Coinbase is collaborating with the Abu Dhabi Global Market (ADGM) authorities to establish and license the Coinbase International Exchange in the United Arab Emirates.
The exchange is also in talks with Dubai’s Virtual Assets Regulatory Authority (VARA) and wants to be granted a license by the regulatory body. A retail framework for the nation’s cryptocurrency trading operations is presently being developed by VARA.
In light of increased regulatory scrutiny in the United States, Armstrong mentioned several regions, including the UAE.
The UK was applauded for “moving quickly on sensible crypto regulation” last month. In an article promoting the European Union, Coinbase said that “things are happening in Europe that are edging the region ahead when it comes to embracing the digital economy.”
Coinbase has been compelled to extend its reach internationally because of recent regulatory issues in the US. It introduced a global derivatives exchange earlier in the month that was aimed at professional traders. The Bermuda Monetary Authority (BMA) grants a license to the exchange.
By working with the UAE, the platform hopes to reach its target of 1 billion crypto users worldwide.
