Coinbase executives, including CEO Brian Armstrong, are exploring the potential for the United Arab Emirates (UAE) to become a “strategic hub” for the crypto exchange, according to a blog post from the company. Armstrong, who was speaking at the Dubai Fintech Summit, said the UAE could serve as an international hub for Coinbase in the Middle East, Africa and parts of Asia.
The company is working with regulators in the Abu Dhabi Global Market and Dubai’s Virtual Assets Regulatory Authority as part of efforts to potentially expand into the region. Coinbase recently launched its global derivatives platform, the Coinbase International Exchange, amidst potential securities violations in the US.
The UAE has been opening up opportunities for crypto firms, including establishing a legal framework for cryptocurrencies and setting up the Virtual Assets Regulatory Authority.