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Coinbase, the largest cryptocurrency exchange in America, is exploring the United Arab Emirates (UAE) as a possible strategic center for its global operations.
In a blog post released on Monday, Nana Murugesan, Coinbase’s vice president for international and business development, revealed that the exchange is currently engaging with regulators from the Abu Dhabi Global Market (ADGM) to broaden the licensing for the newly launched Coinbase International Exchange.
Coinbase to Establish UAE as a Hub
The executive team at Coinbase, which includes co-founder and CEO Brian Armstrong along with Murugesan, is presently in the UAE for discussions with policymakers, founders in the Web3 and crypto sectors, and clients. Armstrong is scheduled to deliver a keynote address at the ongoing Dubai Fintech Summit, which is held under the patronage of the Royal Highness, who also serves as the Deputy Prime Minister and Minister of Finance.
“This week, we are pleased to be in Dubai and Abu Dhabi engaging with key local stakeholders and personally acknowledging the role they have played in fostering such a welcoming atmosphere. There is no doubt that the UAE has the potential to serve as a strategic hub for Coinbase, enhancing our initiatives globally,” Murugesan stated.
Coinbase is also collaborating with Dubai’s Virtual Assets Regulatory Authority (VARA) as the regulator aims to establish a comprehensive framework for crypto assets, focusing on economic sustainability and principles of cross-border financial security.
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The exchange is confident that the economic and technological prospects offered by crypto and Web3 in the UAE will significantly contribute to its objective of attracting one billion users to the emerging sector. The nation, acting as a link between Asia and Europe, will assist Coinbase in broadening its international presence.
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A Supportive Environment
Moreover, Coinbase commended the UAE for fostering an environment conducive to crypto enterprises and the advancement of the Web3 ecosystem. The current and upcoming regulations align with the region’s ambition to become a global frontrunner in the blockchain domain.
“In summary, the region is emerging as a leader in the development of a Web3 ecosystem, making it an appealing location for potential investments. The void left by other prominent jurisdictions means that international counterparts, such as the UAE, are striving to fill the regulatory gap,” Murugesan added.
While it is still uncertain whether Coinbase will ultimately base its operations in the UAE due to the favorable regulatory landscape, Armstrong has emphasized that the exchange will remain fully committed to the US.
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