Coinbase Sets Up Shop in Abu Dhabi as UAE Seeks Global Crypto Supremacy
Coinbase is setting up an international 'tokenization hub' in Abu Dhabi, solidifying the UAE's bid to become a global crypto powerhouse.
The move follows Coinbase securing a license from the emirate's Financial Services Regulatory Authority (FSRA), allowing it to offer tokenized securities, arrange deals, and provide custody services.
This license is significant as it enables Coinbase to bypass traditional brokerage accounts and correspondent banking relationships, making it easier for customers with digital wallets to buy and sell these assets.
The UAE is actively courting crypto firms by creating a favorable regulatory environment, including investing in the industry through its sovereign wealth funds. For instance, MGX has invested $2 billion in Binance, another major crypto exchange.