Coinbase sees UAE as a key hub in the Middle East
Coinbase sees UAE as a key hub in the Middle East
Coinbase representatives are on a visit to the United Arab Emirates, where they will participate in a number of events and hold meetings with the country's regulators, partners and clients.
Coinbase said the UAE is seen as a key center for the cryptocurrency platform in its overseas expansion plans.
The UAE is a major financial hub connecting the Middle East, Africa and India. More than 85% of the country's population is expatriate, with more than $43 billion in annual remittances. The UAE is also the 6th largest cross-border wealth management center.
At this stage, Coinbase is working closely with regulators Abu Dhabi Global Market (ADGM) and the Dubai Virtual Asset Regulatory Authority to obtain licenses to provide services in the region, according to the cryptocurrency exchange's blog.
Coinbase's visit to the UAE comes at a time when tensions between the cryptocurrency exchange and the SEC are at a peak.
We previously reported that a U.S. court has ordered the SEC to respond to Coinbase's appeal within 10 days.
The Coinbase exchange has over 43 million clients and caters to traders of all levels. Total assets on the platform amount to more than $90 billion.
