May 15, 2023

Crypto Leaders Prefer UAE to US As For Crypto Regulation

Dubai Fintech Summit

Dubai Fintech Summit

Prominent crypto leaders, during the Dubai Fintech Summit, praised the UAE digital infrastructure as ideal for the prosperity of the crypto industry, according to Cointelegraph.

Co-founder of venture-building firm Crypto Oasis Saqr Ereiqat said the UAE took over the US position in the crypto industry as it followed a more proactive approach to regulating crypto, attributing the ideal environment for the crypto in the UAE to digital and regulatory infrastructure and its ability to attract a global pool of talent.

“The UAE’s regulatory framework is more streamlined and business-friendly compared to the complex and fragmented regulatory environment in the US,” Ereiqat.

He also pointed to the great capital, which the region enjoys, which could encourage crypto businesses to raise funds for their projects, adding more than 1,800 Web3 organizations in the region are operating in the region currently in addition to over 8,000 individuals working in the space.

According to him, the presence of crypto and Web3 leaders at the event shows the increasing interest of them in implementing these technologies in the region.

Meanwhile, Coinbase CEO Brian Armstrong agreed with Ereiqat’s remarks regarding the crypto regulation, saying the US is a little bit behind the UAE in the regulatory clarity, underlining that the Arab country is an exciting potential international hub for Coinbase.

Moreover, Ripple CEO Brad Garlinghouse expressed his frustration with the crypto regulation in the US, noting Dubai positioned itself as an “exciting” fintech hub following its steps to embrace blockchain and crypto technologies to bring innovation and foreign investment into the space.

Earlier, Garlinghouse announced the opening of a new office at the Dubai International Financial Centre (DIFC) due to the emirate’s crypto-friendly regulations and reputation as a pioneering global financial center.

The Middle East and North Africa region represent a key market for Ripple as 20% of all RippleNet customers, including Qatar National Bank, SABB, Al-Ansari Exchange, Lulu Financial Holdings, and RAK Bank, are based here.

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