US-based crypto exchange Coinbase is considering using the United Arab Emirates as the hub for its international service in the Middle East and other nearby regions.
In a May 8 tweet, Coinbase’s VP of International & Business Development, Nana Murugesan, said the country has the potential to be a strategic hub for the exchange.
The exchange’s CEO Brian Armstrong praised UAE’s progressive regulatory efforts in the crypto space. He said:
“[UAE has the] first dedicated crypto regulator in the world, a clear rule book published (!), business-friendly plus strong customer protections.”
Why Coinbase wants to expand to UAE
In a May 8 blog post, Murugesan explained why the exchange was thinking of expanding to UAE.
According to the post, UAE has become the center of web3 innovation and a “key hub in the Middle East, Africa, and India as we explore crypto use cases that are relevant for the broader region.”
Due to its location, large expatriate population, state of the econo
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