- Coinbase’s CEO applauded the UAE for its clear rules for crypto.
- Other blockchain executives joined Armstrong in his praise of the country.
- Crypto supporters believe the USA could be left behind due to its harsh regulations.
The United Arab Emirates (UAE) has made significant efforts to boost its image as a hub for technological innovation. Despite its less-than-stellar record on human rights and freedom, the country has attracted industry support.
According to the latest remarks by blockchain executives, they have successfully convinced at least some of them.
Crypto Executives Echo Armstrong’s Praise of UAE
On Monday, May 8, during his visit to the country, Coinbase CEO Brian Armstrong applauded the UAE for its “forward-thinking” stance on crypto.
Armstrong highlighted the country’s clear and business-friendly rules. At the same time, he lauded the country’s “strong consumer protections” for crypto users. Armstrong added that he is “really enjoying” his visit so far.
In reply to Armstrong’s post, other crypto influencers and executives echoed his statements, praising the UAE for its regulatory approach to crypto.
“Leading the way on many fronts, not just crypto,” Twitter crypto influencer and trader Crypto Rand remarked regarding the UAE.
Crypto executives also warned that the US would be left behind if it did not change its harsh regulatory stance on crypto. “The U.S will regret losing out on crypto innovation,” Whalechart’s Twitter account warned.
“The US could learn a lot from the UAE’s business-friendly approach and its growth and success,” Bruce Fenton, CEO of Chainstone Labs, replied. “What we used to call the American Dream is alive and well in the UAE for millions from all backgrounds.”
Armstrong Meets UAE Economy Minister
Armstrong is in the UAE to participate in the Dubai Fintech Summit, an annual event bringing together business leaders in financial technology. During his visit, he also met key local officials.
Nana Murugesan, VP of International & Business Development at Coinbase, accompanied him. Murugesan revealed that the country could become a potential strategic hub for the exchange.
On the Flipside
- Armstrong’s comments come after Coinbase faces legal and regulatory challenges in the US. Among these is the potential legal battle with the US Securities and Exchange Commission over its IPO.
- Despite praise from crypto executives, UAE also faces significant criticism. Amnesty International states the country has a poor human rights record and lacks respect for individual freedoms.
Why You Should Care
If the UAE positions itself as a blockchain innovation hub, the country can benefit from potentially significant capital inflows. At the same time, countries like the US stand to lose crucial talent in emerging industries.
Read about just one of many blockchain initiatives in the UAE:
Dubai Aims To Become Metaverse Capital Of The World
Read about the latest issues with Ethereum and Bitcoin congestion:
Solana Holders Gloat as Bitcoin and Ethereum Grind to a Halt