Coinbase CEO and co-founder, Brian Armstrong, and Nana Murugesan, the Coinbase VP of International & Business Development, are currently in the United Arab Emirates (U.A.E) to explore strategic opportunities in the region. This comes after the launch of Coinbase International Exchange for trading crypto derivatives.
In his recent tweet on May 8, Armstrong expressed appreciation for the U.A.E’s progressive stance towards cryptocurrency. He acknowledged the country as the first to establish a specialized crypto regulator and publish a transparent rule book.
Moreover, Armstrong noted the business-friendly environment and robust customer protections when it comes to the Middle East’s crypto ecosystem. He concluded that he is “really enjoying” his visit to the U.A.E so far.
The crypto exchange CEO also mentioned that he had a meeting with authorities from both Abu Dhabi Global Market (ADGM) and Virtual Assets Regulatory Authority (VARA). ADGM is a regulatory authority in Abu Dhabi, while VARA regulates virtual assets in Dubai.
Meanwhile, Murugesan disclosed via Twitter, that the executive team, including CEO Brian Armstrong, is currently in the U.A.E to pursue additional strategic opportunities in the region.
Coinbase is collaborating with Abu Dhabi Global Market (ADGM) regulators to obtain licensing for Coinbase International Exchange, following its derivatives exchange launch in Bermuda. Additionally, Coinbase is pursuing partnerships and licenses as Dubai’s Virtual Assets Regulatory Authority (VARA) develops a retail framework for virtual assets.
Furthermore, Coinbase plans to engage with policymakers, regulators, and clients to explore strategic opportunities in the U.A.E. The U.A.E is a key hub for crypto adoption in the Middle East, Africa, and India region with more than 11% of the population owning cryptocurrency.
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Source: Cryptocurrency - investing.com
