U.S. Regulations Unclear, Coinbase CEO Praises Crypto Rules in the United Arab Emirates

Liputan6.com, Jakarta In the next stop on his world tour, Coinbase CEO Brian Armstrong has praised crypto regulation in the United Arab Emirates (UAE), which he says is “forward thinking”.

The UAE deserves a lot of credit for being forward thinking about crypto regulations. The world’s first dedicated crypto regulator, clear rulebook published, business friendly plus strong customer protection,” said Armstrong, quoted from Yahoo Finance, Tuesday (9/5/2023).

Armstrong attended last week’s Dubai Fintech Summit, a state-sponsored event that brings together local regulators and members of the crypto industry.

Dubai and Abu Dhabi As Crypto Centers

The country’s two largest cities Dubai and Abu Dhabi have become hubs for crypto companies through the Dubai International Financial Center (DIFC) and Abu Dhabi Global Markets (ADGM).

The Dubai Multi-Commodity Center (DMCC), another government agency that helps companies register in Dubai, claims to have registered more than 500 Web3 companies currently registered with the DMCC.

The two cities have also issued licenses for exchanges such as Binance, Bybit, and others.

Armstrong’s tour comes amid regulatory tussles with the US Securities and Exchange Commission (SEC) after the latter issued a Wells Notice to Coinbase in March.

A person close to the matter said the SEC charged the crypto exchange’s betting products with unregistered securities.

Coinbase Goes Global

The UAE isn’t the only region Armstrong has looked into amid increased regulatory scrutiny in the United States.

Last month, praised the UK for moving swiftly on sensible crypto regulation. Coinbase also wrote posts in support of the European Union, noting things are happening in Europe as the region is advancing in terms of embracing the digital economy.

Coinbase launched its international platform last week through regulatory approval from the Bermuda Monetary Authority (BMA).

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