Coinbase CEO Brian Armstrong and VP of International & Business Development Nana Murugesan are in the UAE for strategic developments in the region after establishing Coinbase International Exchange for crypto derivatives trading.
Armstrong and Murugesan admit the potential for the UAE to become a strategic hub for Coinbase. The UAE continues to expand its crypto and Web3 narrative with the first dedicated crypto regulator, clear regulations, and strong investor and customer protection.
Coinbase Seeks Further Opportunities in the UAE
Nana Murugesan, VP of International & Business Development at Coinbase, on May 8 revealed that the executive team, including CEO Brian Armstrong, are in the UAE for further strategic developments in the region.
Coinbase is working with Abu Dhabi Global Market (ADGM) regulators for licensing and availability for Coinbase International Exchange after it launched the derivatives exchange in Bermuda last week. The exchange is also seeking additional licenses and partnerships as Dubai’s Virtual Assets Regulatory Authority (VARA) builds a retail framework with virtual assets.
Coinbase will engage with policymakers, regulators, partners, web3 and crypto founders, and clients amid the rapid adoption of crypto and Web3 in the country. The UAE is also a key hub in the Middle East, Africa, and India region with over 11% of the population owning cryptocurrency.
The UAE 🇦🇪 deserves a lot of credit for being forward thinking on crypto. First dedicated crypto regulator in the world, a clear rule book published (!), business friendly plus strong customer protections. Really enjoying my visit so far.
— Brian Armstrong 🛡️ (@brian_armstrong) May 8, 2023
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Offshore Plans Amid Lack of Clarity in the US
Amid the lack of clarity on crypto regulations in the U.S. and spat with the US SEC, Coinbase CEO Brian Armstrong warns to move offshore. However, Armstrong said to remain committed to the U.S. after recent quarterly results. He also believes that people have started moving to crypto due to the ongoing banking crisis.
The exchange has filed a lawsuit against the SEC to seek answers to questions including how the SEC applies securities laws on digital assets. A court has ordered the SEC to respond to Coinbase’s complaint in 10 days.
Coinbase chief legal officer Paul Grewal recently said the Petition Clause protects the right of individuals to appeal to courts and other forums established by the government for the resolution of legal disputes. He cites the court’s precedents in Borough of Duryea v. Guarnieri, 564 U.S. 379 (2011) case, urging US SEC Chair Gary Gensler to comply and respond to the complaints.
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