At the recent Dubai FinTech Summit event, Saqr Ereiqat, co-founder of venture-building firm Crypto Oasis, spoke about the United Arab Emirates infrastructures and how they can be “ideal” for crypto businesses.
Speaking with Cointelegraph, Ereiqat highlighted that there are several factors that businesses should look at when considering where to set up their companies. According to the executive, this includes the country’s regulatory infrastructure, digital infrastructure and its ability to attract a global pool of talent. The executive claims that the UAE checks all these boxes.
The executive also compared the UAE with the United States in terms of regulatory frameworks. While Ereiqat recognized that the UAE and the U.S. have their own “strengths and weaknesses” when it comes to the crypto space, the executive argued that the UAE has taken a more proactive approach to regulating crypto. He explained:
“The UAE’s regulatory framework is more streamlined and business-friendly compared to the complex and fragmented regulatory environment in the U.S.”
Apart from these, the executive also told Cointelegraph that the region has a significant amount of capital, which could potentially help crypto businesses when trying to raise funds for their projects.
In addition, the executive recognized that there’s already a growing interest in the region. According to Ereiqat, the latest data they have shows that there are already over 1,800 Web3 organizations in the region, with more than 8,000 individuals working in the space. He added:
“The Dubai FinTech Summit was a significant event that brings together stakeholders from the fintech industry […] The presence of crypto and Web3 leaders and projects at the event is an important indicator of the growing interest and adoption of these technologies in the region.”
Coinbase CEO Brian Armstrong also expressed similar sentiments in a fireside chat at the Dubai FinTech Summit event. According to the executive, the U.S. may be “a little bit behind” in terms of regulatory clarity. Armstrong also said that the country is an exciting potential international hub for Coinbase.
Apart from Armstrong, Ripple CEO Brad Garlinghouse also shared his frustration with U.S. regulations at a fireside chat at the event. According to Garlinghouse, defending themselves against the U.S. Securities and Exchange Commission is about to cost the company $200 million.
Magazine: Crypto City: Guide to Dubai
Sourced from cointelegraph.com.
Written by Ezra Reguerra on 2023-05-12 12:19:49.