Crypto Giants Abandon U.S. Market For MENA
Crypto titans like as Coinbase, Circle, and Bittrex are shifting their focus away from the United States and towards the Middle East and North Africa (MENA) area, with the United Arab Emirates (UAE) emerging as a favourite destination.
The increasing migration of these large businesses from the United States is being blamed on regulatory hurdles and an unfavourable economic environment.
Coinbase CEO and Co-Founder Brian Armstrong is in the UAE, attending meetings with policymakers, regulators, and other stakeholders. He is also delivering a keynote address at the Dubai Fintech Summit. Coinbase is working with Abu Dhabi Global Market (ADGM) and Dubai’s Virtual Assets Regulatory Authority (VARA) to expand its international exchange’s licensing and availability. The MENA region is poised to become a leader in the development of a web3 ecosystem. Circle, another U.S.-based company, has also shown interest in the UAE. Circle CEO Jeremy Allaire blamed the devaluation of its stablecoin, USD Coin, on regulatory challenges in the U.S. and concerns about its banking system during a Bloomberg interview.
(With inputs from Shikha Singh)
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