Coinbase Considers UAE for International Expansion: CEO Praises Regulatory Clarity
• Coinbase is considering the United Arab Emirates (UAE) as the hub for its international service in the Middle East and other nearby regions.
• Coinbase CEO Brian Armstrong praised UAE’s progressive regulatory efforts in the crypto space.
• Coinbase believes that UAE is an ideal country for investment due to its location, large expatriate population, state of the economy, other demographic qualities, and regulatory clarity on crypto.
Coinbase Considering UAE For International Hub
Coinbase, a US-based crypto exchange is considering using the United Arab Emirates as the hub for its international service in the Middle East and other nearby regions. In a May 8 tweet, Coinbase’s VP of International & Business Development, Nana Murugesan said that UAE has potential to be strategic hub for their service. The exchange’s CEO Brian Armstrong also praised UAE’s progressive regulatory efforts in the crypto space by saying “[UAE has] first dedicated crypto regulator in the world, a clear rule book published (!), business-friendly plus strong customer protections.“
Why Coinbase Wants To Expand To UAE?
In a May 8 blog post, Murugesan explained why their exchange was thinking of expanding to UAE. According to him, UAE has become center of web3 innovation and „key hub“ between Asia and Europe – two of their existing focus markets. They believe that it is an ideal country for investment due to its location, large expatriate population, state of economy, other demographic qualities and regulatory clarity on crypto.
Benefits Of Expanding To UAE
Expanding to this region could provide many benefits such as improved access across multiple markets including India and Africa; access to new talent pool which will help them take advantage of web3 innovations; getting closer with customers from these regions; creating a presence in one time zone will help them reduce latency; better support multiple languages which will enable them offer localized experiences; ability to serve customers from different countries at same time; benefit from local laws which are designed specifically for cryptocurrencies etc.
Crypto Regulations In The Region
The region has seen significant progress when it comes to cryptocurrency regulations in recent times with some jurisdictions taking initiatives like issuing licenses or setting up government backed blockchain networks. This includes Dubai’s Global Blockchain Council launching Smart Dubai initiative which aims at making Dubai world’s first blockchain powered city by 2020 etc.. Such initiatives have made cryptocurrency more accessible than ever before providing an opportunity for growth and adoption within this region.
Conclusion
Coinbase is seriously considering expanding into United Arab Emirates due to its progressive regulations on cryptocurrencies as well as being strategically located between Asia and Europe – two major focus markets for coinbase . The expansion could potentially open up new opportunities not only within MEA but also globally giving coinbase potential access to new talent pool , improved customer experience , low latency etc..
