UAE cryptocurrency regulation
Brian Armstrong, CEO of major US crypto asset (virtual currency) exchange Coinbase, evaluated on the 8th that cryptocurrency regulations in the United Arab Emirates (UAE) are positive.
Claims regulators are dedicated and clear rules are published. He also said he was positive about the business and had better investor protection.
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
connection: UAE introduces licensing system to attract virtual currency companies
Armstrong and other Coinbase executives visited the UAE. His Twitter account shows him speaking at an event called the Dubai Fintech Summit and meeting with the head of the economy ministry.
In addition, Coinbase executive Nana Murugesan commented on the 8th that cryptocurrencies and Web3 could greatly contribute to economic and technological diversification in the UAE. “This region has the potential to become a strategic hub for Coinbase,” he said.
8/ In UAE for a few days with the @Coinbase team and @barmstrongCrypto and web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for Coinbase. https://t.co/dX0OWku1kj pic.twitter.com/cNGy4ViNw4
— Nana Murugesan
What is coinbase
A major U.S.-based cryptocurrency exchange. It was founded in 2012 and listed on the Nasdaq in April 2021.
Cryptocurrency Glossary
connection: What is the virtual currency exchange Coinbase | Information and points to note for investors
Recent developments
Coinbase is facing a potential lawsuit from the U.S. Securities and Exchange Commission (SEC) and has said it intends to fight it in court if necessary. He has expressed dissatisfaction with the SEC’s lack of clarity in its regulations, and recently there has been an increasing focus on developments outside the United States.
connection: US Coinbase announces cryptocurrency derivatives exchange for offshore market
“The SEC considers Coinbase’s staking service to be an offering of securities,” a source told cryptocurrency outlet Decrypt.
It is true that the UAE, to which Dubai and Abu Dhabi belong, is working hard to develop clear regulations while protecting investors. In Dubai, Binance and others are already in the process of obtaining a license.
connection: Dubai regulator asks Binance, other companies applying for business licenses to provide additional information = report
In a recent development, Dubai’s Virtual Currency Regulatory Authority (VARA) issued a written complaint last month alleging that the co-founders of the bankrupt Three Arrows Capital (3AC) operated and promoted a new exchange, OPNX, without obtaining the necessary licenses. warned.
connection: Dubai regulator warns 3AC founder-operated virtual currency exchange “OPNX”
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