Coinbase CEO eyes UAE as potential crypto hub

Crypto exchange Coinbase Global Inc. is considering the United Arab Emirates as a potential international hub, amid regulatory challenges in the US.

Coinbase CEO Brian Armstrong said that the UAE is “leading the way regionally” in crypto and is well-positioned to serve markets in the Middle East, Africa, and Asia.

The region serves as a “strategic bridge” between Asia and Europe, which are Coinbase's existing focus areas. Armstrong said that regulators in the UAE are ahead of the US in terms of forward thinking and clarity in crypto regulation.

The company recently launched an international derivatives exchange with a license from Bermuda and is looking for a home to set up an international hub that could serve the long tail of countries in the world.

The UAE is quickly becoming a center of web3 innovation, with over 500 startups in Dubai alone and more than 11% of the population owning cryptocurrency. The UAE has declared its intention to establish itself as a key player in the future of crypto, and Coinbase sees enormous opportunities for economic and technological diversification in the region.