Coinbase Says UAE Is Important Strategic Hub for Crypto Exchange’s Global Operations

US crypto exchange giant Coinbase is calling the United Arab Emirates (UAE) a possible key location for its planned expansion of global operations.

According to a new blog post, Coinbase CEO Brian Armstrong and other executives are meeting with UAE policymakers in Dubai as they consider expanding to the crypto-friendly region.

Says Coinbase,

“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.”

The visit comes as Coinbase is engaged in a battle with the U.S. Securities and Exchange Commission (SEC). Coinbase recently received a Wells Notice from the SEC warning of a potential enforcement action against the company for alleged violation of securities laws.

According to Coinbase, the company is in discussions with UAE regulators to obtain proper licensing to operate in the country, which they see as an important geographic bridge 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 in a Coinbase earnings call that he is committed to continuing operations in the United States as the company expands globally.

“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 he is optimistic that US officials will eventually “get it right” when it comes to crypto regulations.

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• Source: https://dailyhodl.com/2023/05/10/coinbase-says-uae-is-important-strategic-hub-for-crypto-exchanges-global-operations/