UAE Is Key Strategic Hub For Coinbase’s Global Operations

Coinbase, a big US cryptocurrency exchange, says that the United Arab Emirates (UAE) could be a key site for its plans to grow its business around the world.

A new blog post says that Brian Armstrong, the CEO of Coinbase, and other executives are meeting with UAE policymakers in Dubai to talk about expanding to the cryptocurrency-friendly area.

Coinbase has said,

“Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.”

Coinbase is in a fight with the U.S. Securities and Exchange Commission (SEC), so this visit comes at a bad time. The SEC recently sent a Wells Notice to Coinbase, telling the company that it could be taken to court for allegedly breaking securities laws.

According to Coinbase, the company is in talks with UAE officials to get the right licences to work in the country, which they see as an important geographic link between Europe and Asia.

“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.

While just last week we launched Coinbase International Exchange in Bermuda, it is no secret that Coinbase is also working with Abu Dhabi Global Market (ADGM) regulators to further expand the licensing and availability for Coinbase International Exchange.”

Armstrong recently said on a Coinbase earnings call that he plans to keep doing business in the United States even as the company grows around the world.

“Let me be clear, we’re 100% committed to the US. I founded this company in the United States because I saw that rule of law prevails here. That’s really important.”

He also said that he thinks US officials will “get it right” in the end when it comes to regulating crypto.