Many major platforms have opened their offices in Dubai, and some, like Bybit, have even moved their headquarters there. The reason for this is the legal status of the sector and the convenient jurisdiction with low or zero taxes.
Coinbase considers UAE as a strategic hub, a bridge between Asia and Europe for the crypto industry. Dubai, in their view, is the first dedicated digital asset regulator in the world, with a clear set of rules, a business-friendly environment and strong customer protection.
The statements are timed to coincide with the visit of Coinbase CEO Brian Armstrong and other top managers of the platform to the UAE.