Coinbase CEO Lauds UAE as Global Strategic Hub for Crypto Industry

Coinbase CEO Brian Armstrong hailed the UAE’s potential to be a global strategic hub for the crypto industry. 

Armstrong and some of his company’s executives are in the UAE for attending the Dubai Fintech Summit under the patronage of First Deputy Ruler of Dubai Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, according to a press release issued by the Coinbase website. 

“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 statement read. 

Armstrong lauded the UAE as a potential hub to build an international hub for Coinbase, which serves the Middle East as well as other countries in Africa and Asia. 

“I think the U.S. right now is a little bit behind in terms of regulatory clarity and some of the rhetoric from the top,” he added. 

He also mentioned that Coinbase is working with Abu Dhabi Global Market (ADGM) and Dubai’s Virtual Assets Regulatory Authority (VARA) to discuss the expansion of the availability and licensing of Coinbase International Exchange, launched earlier this month after the US Securities and Exchange Commission had charged Coinbase with securities violations. 

He pointed out that his company’s goal is to bring 1 billion users to crypto and the expansion in the UAE would help to achieve this goal given that the UAE has quickly become a center of web3 innovation, with Dubai being home to some 500 startups; Hub71 in Abu Dhabi providing companies with funding and access to blockchain and virtual asset infrastructure; and with over 11% of the population owning cryptocurrency. 

In addition, he praised the country’s crypto regulations, noting they are business-friendly, aim to protect consumers, push the UAE’s regional leadership as a center for the fourth industrial revolution and ensure that activities comply with Financial Action Task Force money laundering guidelines.