Coinbase leadership names UAE a potential strategic hub

The UAE could become a strategic hub for Coinbase’s overseas expansion. This is stated in блоге биткоин-биржи.

“The country serves as a strategic bridge between Asia and Europe — two key overseas regions for us today,” the comment explains.

The statements are timed with the visit of Coinbase CEO Brian Armstrong and other platform executives to the UAE, during which they are expected to meet local regulators.

The CEO will also deliver a talk at Dubai’s inaugural fintech summit.

“The UAE deserves praise for forward-thinking in crypto industry development. The world’s first dedicated crypto-asset regulator, a clear rulebook published, a business-friendly environment, and strong customer protections,” Armstrong commented.

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

The visit to the UAE comes amid intensifying tensions between Coinbase and the U.S. Securities and Exchange Commission (SEC).

In March 2023, the Commission sent a notice to the exchange regarding an investigation into the listing procedure on the platform and its products — Coinbase Prime, Coinbase Wallet and staking service Coinbase Earn.

In April, the company responded to the SEC’s allegations, stating that it was prepared to \”vigorously defend itself.\” The representatives noted that due to the investigations the regulator could suffer reputational damage.

In the same month, the company filed a lawsuit to obtain a response from the SEC to the petition filed in July 2022. In it, the platform called for clarity in crypto industry regulation.

In May, Coinbase announced the launch of an international futures exchange for digital assets — Coinbase International Exchange.

“Coinbase works with ADGM on licensing Coinbase International Exchange. We are also cooperating with VARA. […] This expands our global footprint, helping us move closer to the goal of attracting one billion cryptocurrency users,” — the statement says.

In April, the UAE’s Securities and Commodities Authority ordered all VASP to file an application and undergo registration. The requirement does not apply to holders of free zone licenses.

Earlier, Circle CEO Jeremy Allaire did not rule out the United States losing its leading position in the sector to the EU, Hong Kong and the UAE.