In its blog , the Coinbase exchange stated that the UAE is a favourable location for its global expansion.
The announcement describes the country as a "bridge between Asia and Europe", which are important markets for Coinbase operations.
The statements were made simultaneously with a visit to the UAE by Coinbase CEO Brian Armstrong and other company executives, where they were accepted by local regulators.
Brian Armstrong also spoke at the first summit of fintech companies in Dubai, where he highly appreciated the UAE's progressive position on cryptocurrencies. He noted the introduction of special rules to protect businesses and consumers.
The visit to the United Arab Emirates comes in the midst of an escalating disagreement between Coinbase and the SEC.
In March 2023, the US Securities and Exchange Commission (SEC) sent a notice to Coinbase requesting a listing process, Coinbase Prime, Coinbase Wallet and the Coinbase Earn stacking service.
In April, the company responded to the SEC's allegations, saying it would "vigorously oppose" any such proceedings. They argued that the agency could suffer reputational damage as a result of these proceedings. In the same month, they filed a court filing asking for a response from the SEC regarding their July 2022 petition, in which they demanded more clarity on cryptocurrency regulation.
In May, Coinbase announced the launch of an international digital asset futures exchange called Coinbase International Exchange, which is licensed by ADGM and VARA. The move was aimed at expanding the company's global presence and attracting one billion cryptocurrency users.
In April, the UAE Securities and Commodities Authority required all virtual asset service providers to fill out an application and register. Those with a free economic zone licence are exempt from this regulation.
Jeremy Allaire, head of Circle, has not ruled out the possibility that US supremacy in the industry will be supplanted by the European Union, Hong Kong and the United Arab Emirates.
