Coinbase Eyes UAE as Strategic Hub for Crypto Expansion
The United Arab Emirates (UAE) has rapidly established itself as a global center for web3 innovation, with the nation boasting a thriving startup ecosystem, robust blockchain infrastructure, and a cryptocurrency adoption rate exceeding 11% of the population.
These developments have drawn the attention of leading cryptocurrency exchange Coinbase, which is eyeing the UAE as a strategic expansion point.
This surge in the UAE's crypto landscape stems from the government's commitment to positioning the nation as a key player in the digital asset industry. In March 2022, the UAE Prime Minister announced his intention to solidify the country's role in the future of cryptocurrency.
Coinbase, recognizing the potential of the UAE as a strategic hub connecting Asia and Europe, is working with regulators in the Abu Dhabi Global Market (ADGM) to expand the licensing and availability of its Coinbase International Exchange. Additionally, the company is engaging with Dubai's Virtual Assets Regulatory Authority (VARA) to develop a comprehensive retail framework, emphasizing economic sustainability and cross-border financial security.
The UAE's unique demographic makeup, including a diverse expatriate population and strong remittance flows, makes it an attractive destination for Coinbase's global expansion. The country is the world's sixth-largest cross-border wealth management center and, together with Saudi Arabia, holds over 70% of the GCC's combined individual wealth.
This surge in the UAE's crypto landscape stems from the government's commitment to positioning the nation as a key player in the digital asset industry. In March 2022, the UAE Prime Minister announced his intention to solidify the country's role in the future of cryptocurrency.
Coinbase, recognizing the potential of the UAE as a strategic hub connecting Asia and Europe, is working with regulators in the Abu Dhabi Global Market (ADGM) to expand the licensing and availability of its Coinbase International Exchange. Additionally, the company is engaging with Dubai's Virtual Assets Regulatory Authority (VARA) to develop a comprehensive retail framework, emphasizing economic sustainability and cross-border financial security.
The UAE's unique demographic makeup, including a diverse expatriate population and strong remittance flows, makes it an attractive destination for Coinbase's global expansion. The country is the world's sixth-largest cross-border wealth management center and, together with Saudi Arabia, holds over 70% of the GCC's combined individual wealth.
