It is not uncommon for crypto companies based in the U.S. to relocate to other regions due to the uncertain regulatory landscape in the country. Several governments across the world have been introducing clear regulations for the crypto industry, however, the U.S. government is not there yet.
Meanwhile, the United Arab Emirates (UAE) has been praised for its efforts to regulate the crypto market. This has lured several organizations into the region and crypto exchange Coinbase could be next in line.
In its recent blog post, Coinbase lauded the country’s initiatives in the crypto space. The firm stated, “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.”
Additionally, it appears that Coinbase’s executive team, along with the CEO and co-founder Brian Armstrong, is currently in the UAE for a series of meetings with policymakers, regulators, crypto founders, and clients. He met officials from the Abu Dhabi Global Market (ADGM) and the Virtual Assets Regulatory Authority (VARA), the regulators in Abu Dhabi and Dubai respectively.
The CEO has also been scheduled to give a keynote address at the Dubai Fintech Summit.
Earlier on Monday, Armstrong expressed on Twitter his impression of the UAE’s inclination towards crypto.
While it’s unclear if Coinbase will completely migrate to the UAE, recent developments suggest that the exchange may soon expand its services to the Middle East, as well as parts of Africa and Asia.