Coinbase sees the VAE as a strategic hub for international operations

Coinbase sees the VAE as a strategic hub for international operations

America's largest cryptocurrency exchange Coinbase is considering the United Arab Emirates (VAE) as a potential strategic hub for its international business.

In a blog post on Monday, Nana Murugersan, Vice President of the International and Business Development of Coinbase, announced that the stock exchange is currently talking to the supervisory authorities of Abu Dhabi Global Market (ADGM) in order to expand the licensing for the Coinbase International Exchange.

Coinbase makes the VAE a hub

The leadership team of Coinbase, including co-founder and CEO Brian Armstrong and Murugersan, is currently in the VAE to meet with political decision-makers, web3 and crypto founders and customers. Armstrong will keep a fundamental speech on the current Dubai FinTech Summit under the patronage of the royal highness, which is also deputy prime minister and finance minister

"And we are pleased to be on site in Dubai and Abu Dhabi this week, to meet important local interest groups and to praise the role that they played in creating an inviting environment. There is no doubt that the VAE has the potential to be a strategic center for coin base and to strengthen our efforts around the world," said Murangesan.

Coinbase also works with Dubais Virtual Assets Regulatory Authority (Vara), since the regulatory authority works to create a comprehensive framework for crypto-assets that follow the principles of economic sustainability and cross-border financial security.

The stock exchange believes that the economic and technological possibilities that Krypto and Web3 offer in the VAE will play an important role in achieving their goal of bringing a billion users into the aspiring sector. The country, which serves as a bridge between Asia and Europe, will help Coinbase to expand its global presence.

an inviting environment

In addition, Coinbase praised the VAE for the creation of an environment that is inviting for crypto companies and the development of the Web3 ecosystem. The existing and upcoming rules are in line with the region's aim of becoming a worldwide leading company in the blockchain area.

"In short, the region is a leader in the development of a web3 ecosystem, which makes it an attractive location for investments. The vacuum, which was created by other remarkable jurisdiction, means that international colleagues like the VAE are going to close the regulatory gap," added Murugesan.

While it remains unclear whether Coinbase will ultimately concentrate its activities due to the favorable regulatory environment in the United Arab Emirates, Armstrong has made it clear that the stock exchange will remain 100 % obliged to the USA.

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