• Coinbase is considering establishing an international hub in the United Arab Emirates (UAE).
• The UAE’s strategic location makes it ideal for expanding and catering to markets in the Middle East, Africa, and Asia.
• Coinbase CEO Brian Armstrong praised the country for its forward-thinking approach to crypto regulation.
Coinbase Considers Establishing International Hub in UAE
Coinbase, a global crypto exchange firm, is exploring options for a hub that could serve a variety of countries worldwide. CEO Brian Armstrong expressed interest in the United Arab Emirates (UAE) as a potential location for an international hub. He highlighted that the region serves as a „strategic bridge“ between Asia and Europe, two of Coinbase’s existing focus areas.
Strategic Location
The UAE’s strategic location makes it an ideal choice for expanding and catering to markets in the Middle East, Africa, and Asia. At the Dubai FinTech Summit 2023, Armstrong commended the UAE for its progressive stance on crypto regulation compared to other countries such as the US. Despite challenges in other markets, Coinbase has no intention of leaving its home market but is instead exploring alternative financial hubs such as Dubai, Singapore, and Hong Kong due to their welcoming regulatory landscapes.
Web3 Innovation
The UAE has rapidly become a center for web3 innovation with over 500 startups based out of Dubai alone. Additionally, Hub71 offers funding and access to blockchain and virtual asset infrastructure while 11% of the population owns cryptocurrency making it an attractive location for Coinbase’s expansion plans.
Regulatory Framework
The UAE is working towards establishing a comprehensive retail framework for virtual assets emphasizing economic sustainability and cross-border financial security which aligns with Coinbase’s objectives. The country also recently announced plans to launch its own central bank digital currency which will further encourage cryptocurrency adoption among citizens as well as foreign investors who wish to use digital currencies while conducting business activities within the region.
Conclusion
In conclusion, Coinbase’s potential move into the United Arab Emirates could be beneficial both economically by providing more jobs in this sector but also technologically by introducing new innovative solutions related to blockchain technology into one of the most dynamic regions globally.