Coinbase Warms Up To UAE Lawmakers Amid US Regulations Crisis
Latest reports revealed that Coinbase CEO Brian Armstrong, alongside other firm executives, is set to meet with the UAE Lawmakers this week. Their first visit to UAE occurred amidst the crypto regulation chaos that mired America.
Coinbase crypto exchange recently faced difficulties in complying with stringent crypto laws in the US. And as a possible means of escape, the exchange is currently out, strengthening its relationship with the United Arab Emirates.
In a blog post, a Coinbase spokesperson claimed UAE has the qualities to become a technology hub that suits its operations. It added that UAE sits between Europe and Asia, making it an essential bridge to further spread its services to the two nations.
A team of executives at Coinbase, including Brian Armstrong, its CEO, was reportedly spotted in UAE a few hours ago. They are preparing for meetings with lawmakers, financial regulators, crypto startup owners, and clients in the country.
In addition, the CEO will present a speech at the upcoming inaugural Dubai Financial Technology Summit. In a recent tweet, Armstrong reportedly admired how UAE progressively and proactively manages its crypto regulations.
Furthermore, He commended the country regulators for being the first to create a clear crypto regulatory framework. He added the regulations are business-friendly and entail strong user protection, creating a safe environment for crypto to thrive.
US Regulators And Coinbase Continue Their Brawls
Coinbase’s tour of the UAE came when the exchange struggled to cope with regulators in its home country, America. Since enforcing the stringent rules, Coinbase has sought to shift its business focus from the country.
In March, the American Securities and Exchange Commission issued a Wells notice to Coinbase, alerting it of possible abuse of securities regulations. In April, Coinbase motioned a US Federal court to demand SEC to publish a clear crypto regulations framework.
Furthermore, the court recently ordered the SEC to comply with Coinbase’s request and publish clearly defined regulations. In addition, Coinbase recently opened an international derivative branch that allows customers to trade perpetual futures in Bermuda.
In a blog post, Coinbase stated that it cooperates with Abu Dhabi Global Market (ADGM) authorities to expand its regional operations license. In addition, the exchange said it is in working terms with the Dubai Virtual Assets Regulatory Authority (VARA).
VARA is in charge of forming a globally progressive and proactive rule for virtual assets in the UAE. Coinbase stated that the excellent compliance level it shared with the regulators would further help it expand its businesses globally.
Crypto Industry Witness Rapid Growth In UAE
Recently, the United Arab Emirates has recorded massive growth in its cryptocurrency market. In addition, the country has set itself up as a center of attractions for private and industry players, enticing giant firms like Binance and Coinbase.
In 2022, Dubai set up its regulatory body to monitor and country the conduct of crypto exchanges and investors in the country. In addition, it also set up a lucid and clear crypto regulatory framework to guide crypto services providers.
Commenting on the massive improvement, Coinbase said UAE is one of the leading regions in web3 industry development. This makes it an attractive and friendly environment to set up crypto-related businesses.
Additionally, Coinbase’s CEO recently revealed that despite the strict regulations it wrestles with in the US, the firm’s headquarters would remain there long term. He said he founded his firm in the US because the rule of law prevails there. And he hoped the country would figure out its lapses and appropriately regulate the crypto industry soon.
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