In the next stop on his world tour, Coinbase CEO has touted the “forward thinking” crypto regulations in the United Arab Emirates.
“The UAE deserves a lot of credit for being forward thinking on crypto,” wrote Brian Armstrong. “First dedicated crypto regulator in the world, a clear rule book published (!), business-friendly plus strong customer protections. Really enjoying my visit so far.”
The CEO is attending this week’s Dubai Fintech Summit, a state-sponsored event that brings together local regulators and members of the crypto industry.
The country’s two largest cities Dubai and Abu Dhabi have become hubs for crypto firms via the Dubai International Financial Center (DIFC) and Abu Dhabi Global Markets (ADGM).
Dubai’s Dubai Multi Commodities Center (DMCC), another government agency that helps companies register in Dubai, claims to have registered more than 500 Web3 companies currently registered at DMCC.
The two cities have issued licenses to exchanges such as Binance, Bybit, and others.
Armstrong’s tour comes amid a regulatory tussle with the Securities and Exchange Commission after the latter issued a Wells Notice to Coinbase in March. A person close to the matter told Decrypt that the SEC alleged the crypto exchange’s staking products constituted unregistered securities.
In response, Coinbase urged the agency from pursuing enforcement action lest it risks reputational harm from its “abrupt about-face.”
Coinbase goes global
The UAE isn’t the only region that Armstrong has highlighted amid heightened regulatory scrutiny in the United States.
Last month, praised the UK for “moving fast on sensible crypto regulation.” Coinbase also penned a post shilling the European Union, writing that “things are happening in Europe that are edging the region ahead when it comes to embracing the digital economy.”
It’s more than just talk, too.
Coinbase rolled out its international platform last week via regulatory approval from the Bermuda Monetary Authority (BMA).
Coinbase International Exchange will only list Bitcoin and Ethereum perpetual futures, but the platform’s lead told Decrypt that it’s “another step in our plans to scale globally.”
