America’s largest cryptocurrency exchange Coinbase is considering the United Arab Emirates (UAE) as a potential strategic hub for its international operations.
In a blog post on Monday, Coinbase’s vice president for international and business development Nana Murugesan revealed that the exchange is currently in talks with Abu Dhabi Global Market (ADGM) regulators to extend the license for the new just launched Coinbase International Exchange.
Coinbase to make UAE a Hub
Coinbase’s 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 scheduled to deliver a keynote speech at the ongoing Dubai Fintech Summit under the patronage of His Royal Highness, who is also the Deputy Prime Minister and Minister of Finance.
“And this week we are delighted to be on the ground in Dubai and Abu Dhabi meeting with key local stakeholders and personally appreciating the role they have played in creating such a welcoming environment. There is no doubt that the UAE has the potential to become a strategic hub for Coinbase, expanding our efforts globally,” said Murugesan.
Coinbase is also working with Dubai’s Virtual Assets Regulatory Authority (VARA) as the regulator works towards creating a comprehensive framework for crypto assets in line with economic sustainability and cross-border financial security principles. .
The exchange believes 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 new sector. The country, which serves as a bridge between Asia and Europe, will help Coinbase expand its global footprint.
A Welcoming World
Additionally, Coinbase praised the UAE for creating a welcoming environment for crypto businesses and the development of the Web3 ecosystem. The existing and future rules are in line with the region’s goal of becoming a global leader in the blockchain space.
“In short, the region stands as a leader in the development of a web3 ecosystem, which makes it an attractive location to consider investing. to fill the regulatory gap,” added Murugesan.
While it remains unclear whether Coinbase will eventually center its operations in the UAE due to the favorable regulatory environment, Armstrong clarified that the exchange will remain 100% US-based.
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