Brian Armstrong, the CEO of Coinbase, shared on his Twitter page that the United Arab Emirates (UAE) deserves a lot of credit for being visionary in the field of cryptocurrencies. The head of the largest cryptocurrency exchange of the moment highlights that the UAE was the first country to create a dedicated regulator for the sector and published a clear rule book on cryptocurrencies, possessing a business-friendly environment and strong customer protections.
In a clear statement, the Chief Executive Officer of the American brokerage also affirms that the visit to that country is being wonderful and he is enjoying it very much.
Several newspapers that cover news about the crypto ecosystem have been sharing news that the largest cryptocurrency exchange operating on Uncle Sam's land and listed on the Nasdaq stock exchange has been seeking alternatives to develop its business outside the United States. This change of scenery by Coinbase to other locations may occur much because of the legislation that governs the industry in the American market that the company considers unclear regarding the regulation of decentralized digital assets.
This regulation may seem like an issue that only benefits Coinbase, but it will benefit the market and the industry as a whole! A clear law regulating the ecosystem can allow more Americans to participate in the ecosystem and invest in more ventures in this industry. The American market is essential for the development of the industry because there is circulating capital that can be invested in the crypto industry and has infrastructure that can accelerate the massification of cryptocurrencies.
Not having a law that regulates it, fewer Americans participate in the ecosystem for fear of dealing with Securities and that they may one day have to answer for it, and projects do not bet much investment by American citizens because they fear inducing investments that may one day be sanctioned by the agency.
Therefore, while there is still no response from the regulator (where developments suggest that it has to present an answer in 10 days), market players such as Coinbase are seeking new stays with clear laws to continue the business in a healthy environment with protection for clients and ventures as well.
The UAE is a market that is betting on the cryptocurrency industry and is growing rapidly. In January 2023, it already had more than 500 registered crypto startups with the regulator and is definitely a strategic HUB partner for Coinbase.The country is also a proud innovator, and 11% of the population holds some type of cryptocurrency.
Is this the time that Brian Armstrong leaves the UAE with the license in hand? Well, the week is just starting, and a lot can happen. Leave a comment on what you think about Brian Armstrong and his team's visit to the United Arab Emirates.
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