The UAE is one of the fastest emerging countries in the field of cryptocurrencies, and this is what attracted the attention of Coinbase, the largest cryptocurrency trading platform in the United States. The platform announced last week that it considers the UAE a strategic hub for its international operations.
In an interview with journalists, the general manager of Coinbase in the Middle East and Africa, Ziad Touma, expressed his enthusiasm about the UAE, noting that the country is very important for the company’s international strategy. “We can export our ideas, experiences and technologies there, especially in the field of synergies between startups and the government,”he said.
The UAE has witnessed an amazing growth in the cryptocurrency market over the past two years, and this is what prompted Coinbase to redouble its efforts there. In fact, Coinbase is already consulting with the UAE government regarding cryptocurrency rules, as the country is working on implementing a new regulatory framework for cryptocurrencies to ensure that market growth is aligned with local government requirements.
The size of the cryptocurrency market in the UAE is estimated at 18 billion US dollars, which indicates the immensity of the opportunities that the country can offer fintech companies.
Coinbase’s interest in the UAE, and how rapidly the market is growing there, is a signal that the country has become a strategic place for companies wishing to expand their business in the cryptocurrency market, offering new opportunities to potential investors in this area.