Coinbase, the leading American cryptocurrency exchange, is currently exploring the opportunities offered by the United Arab Emirates for its international expansion. Regulators in the region are known for their favorable regulations for cryptocurrencies, unlike in the United States where legal uncertainty persists and where large platforms are regularly penalized.
Coinbase explores the potential of the United Arab Emirates
According to a press release dated May 7, the management team of Coinbase, the largest cryptocurrency exchange in the United States in terms of traded volume, will spend a week in the United Arab Emirates to assess the region’s potential for the development of its business.
So, Brian Armstrong, CEO of Coinbase, is expected to deliver a speech at the inauguration of the Dubai Fintech Summit which runs from May 8-9. According to its own website, the event aims to cement Dubai’s status as a rising fintech hubincluding hosting world-renowned policymakers and players to “contribute to the development of essential tools, regulations and frameworks to shape the future of fintech and finance”.
According to the press release, the United Arab Emirates could potentially be a new strategic hub for Coinbaseon the one hand for its regulations favorable to cryptocurrencies and more broadly to new technologies, but also because the region could serve as a gateway between Europe and Asia for the crypto exchange.
👉 Find our top 3 tax assistants to declare your capital gains in cryptocurrencies
💡 The tool that simplifies the declaration of your cryptocurrencies
10% off with code CRYPTOAST 🔥
Why the Emirates?
Coinbase’s ambition is clear: consolidate its status as a leader on American soil while deploying its tentacles internationally and reach one billion users. To achieve this, the exchange of Brian Armstrong multiplies the announcements, as the very recent launch of Coinbase International Exchange allowed thanks to the allocation of a license in Bermuda.
In parallel, the platform has already been working for some time with the regulators of the Abu Dhabi Global Market (ADGM) and with the Virtual Assets Regulatory Authority (VARA) in order to obtain new licenses to develop its activity locally.
According to Coinbase, the United Arab Emirates is a strategic point in particular because of its high rate of expatriate population, which reaches 85%. In doing so, they are the second area that sends the most funds outside its borders after the United States. In addition, the United Arab Emirates and Saudi Arabia hold more than 70% of the combined individual wealth of the Gulf Cooperation Council, which also hosts Kuwait, Bahrain, Qatar and the Sultanate of Oman.
Ultimately, the United Arab Emirates is an undeniably more favorable host country for crypto companies than the United Stateswhich, on the contrary, continue to maintain a legal vagueness while penalizing the largest platforms through the ax of the Securities and Exchange Commission (SEC), which Coinbase and Kraken have already suffered.
👉 Internationally – Russia, future eldorado for Bitcoin (BTC) miners?
Discover Coinbase
9€ of bitcoin offered for your 1st purchase
Source: Press release
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
707 items
