Coinbase CEO Brian Armstrong announced that its team is exploring the potential to turn United Arab Emirates [UAE] into a strategic crypto hub.
On May 8, Armstrong shared a photo with the country’s Minister of Economy, H.E. Abdulla Bin Touq Al Marri, and praised it for “being forward thinking on crypto.”
He also credited UAE for establishing the world’s first dedicated crypto regulator, a published rule book with clear guidelines, business-friendly policies, and robust client protection.
According to the blog published, the Coinbase team including its CEO and other top execs are currently in Dubai and Abu Dhabi meeting key local stakeholders.
Armstrong is also set to deliver a keynote address at the inaugural Dubai Fintech Summit, which will be attended by members of the royalty and politicians.
As stated in the blog post by Nana Murugesan, Vice President of International and Business Development at Coinbase, UAE offers a vital connection between Asia and Europe—two of its current main international regions.
Murugesan also disclosed that they are collaborating with the virtual assets regulatory bodies in Dubai [VARA] and Abu Dhabi [ADGM] to extend the licensing and accessibility of Coinbase International Exchange.
Coinbase’s Offshore Bet
A few days ago, the San Francisco-based trading platform launched a new crypto-derivatives exchange in Bermuda, to trade products that aren’t allowed in the U.S. amid a lack of regulatory certainty.
As per Armstrong, the offshore exchange will offer more opportunities and liquidity for its clients, as well as foster innovation and growth in the global crypto ecosystem.
The move comes after the CEO voiced his frustration with the U.S. regulators citing the lack of clear and consistent rules for the sector.
He also hinted at the possibility of moving the business if the situation does not improve.
In the US, Coinbase and a number of other exchanges have come under intense regulatory investigation. The second Writ of Mandamus against the SEC was filed by the exchange following receipt of a Wells notice from the commission.
As reported by TronWeekly, the court directed the regulator to respond within 10 days.
Many members of the crypto community, including detractors like John E. Deaton, an advocate for XRP, applauded Coinbase for submitting the second Writ of Mandamus.