Coinbase Eyes UAE as International Crypto Hub

The United Arab Emirates [UAE] has been praised for its efforts to control the crypto market. Because of this, several companies have moved to the area, and the cryptocurrency exchange Coinbase could be the next to move there after Ripple.

Due to the lack of clarity in the U.S. about how to regulate cryptocurrencies, it is not uncommon for businesses based there to move to other places. Governing bodies all over the world have been putting in place clear rules for the crypto business. But the U.S. government hasn’t reached that point yet.

Coinbase Applauds UAE Crypto Market Regulation

In a recent blog post called “The UAE: Recognizing the Transformative Potential of the Cryptoeconomy,” Coinbase praised the country’s efforts in the crypto area. Also, the company said,

“There is no doubt that UAE has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world. It further serves as a particularly strategic bridge between Asia and Europe — two of our existing focus international regions to date.”

Also, it looks like Coinbase’s executive team, including CEO and co-founder Brian Armstrong, is currently in the UAE for a number of meetings with policymakers, regulators, crypto founders, and clients. The CEO will also be giving a major speech at the Dubai Fintech Summit.

Armstrong took to Twitter earlier today to say that the UAE is a big reason why people are interested in crypto.

The UAE 🇦🇪 deserves a lot of credit for being forward thinking on crypto. First dedicated crypto regulator in the world, a clear rule book published (!), business friendly plus strong customer protections. Really enjoying my visit so far.

— Brian Armstrong (@brian_armstrong) May 8, 2023

Ripple CEO Announces Dubai Expansion

Ripple, according to CEO Brad Garlinghouse, will expand significantly in Dubai. In addition, Garlinhouse discussed the transition at today’s Dubai Fintech Summit.

According to Garlinghosue, the most crucial factors are the growing number of Middle Eastern consumers and the ongoing regulatory shifts in the region. In the end, he concluded, “Dubai is emerging as a key global financial hub for crypto innovation to thrive.”