Coinbase Now Redirects To The UAE Amid Difficult In The US
- According to Coinbase CEO Brian Armstrong, the UAE may act as a center for the Middle East as well as regions of Africa and Asia.
- The exchange has been navigating a market slump and a tough regulatory climate in the United States.
- It will meet with lawmakers, regulators, partners, web3 and cryptocurrency entrepreneurs, and customers.
Crypto exchange Coinbase is strengthening its contacts with regulatory officials in the United Arab Emirates as it confronts rising hurdles in the United States.
Brian Armstrong, the CEO of Coinbase, reiterated his criticisms of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler but stressed that the exchange would not leave the nation despite the regulatory uncertainties.
After creating Coinbase International Exchange for crypto derivatives trading, Armstrong and VP of International & Business Development Nana Murugesan are in the UAE for strategic advancements in the area.
The CEO of the cryptocurrency exchange located in the United States also said that he met with officials from the Abu Dhabi Global Market (ADGM) and the Virtual Assets Regulatory Authority (VARA), the authorities in Abu Dhabi and Dubai, respectively.
Coinbase will meet with politicians, regulators, partners, Web3 and crypto creators, and customers in light of the country’s fast embrace of crypto and Web3. With almost 11% of the population holding crypto, the UAE is also an important center in the Middle East, Africa, and India area.
“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,” the exchange said in a blog post.
Armstrong and Murugesan acknowledge the possibility of the UAE becoming a key center for Coinbase. With the first dedicated crypto regulator, clear laws, and strong investor and consumer protection, the UAE continues to develop its crypto and Web3 story.
Armstrong has been outspoken about the lack of clarity in existing US crypto law, and discussing the prospect of moving represents an increase in the rhetoric.
Despite a lack of clarity on crypto legislation in the United States and a disagreement with the US Securities and Exchange Commission, Armstrong advises moving abroad. Yet, he feels that individuals are turning to cryptocurrency as a result of the current financial crisis.
The claim that Coinbase and other crypto businesses are offering unregistered securities to investors is at the center of the regulator’s disagreement with them. The company denies this.
The exchange has sued the SEC, seeking answers to issues such as how the SEC applies securities rules to digital assets. The SEC has been required by a judge to reply to Coinbase’s case within 10 days.
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