UAE infrastructure for crypto is more ‘business-friendly’ than the US, says exec

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 actually taken a more proactive method to controling crypto.” Apart from these, the executive likewise told Cointelegraph that the area has a substantial quantity of capital, which could potentially help crypto organizations when attempting to raise funds for their tasks. Related: Coinbase going worldwide triggers community reactions: Crypto is international In addition, the executive acknowledged that theres already a growing interest in the area.

At the current Dubai Fintech Summit occasion, Saqr Ereiqat, the co-founder of venture-building firm Crypto Oasis, spoke about the United Arab Emirates infrastructures and how they can be “ideal” for crypto companies. Speaking with Cointelegraph, Ereiqat highlighted that there are numerous aspects that organizations ought to take a look at when thinking about a place to set their companies at. According to the executive, this includes the countrys regulative infrastructure, digital facilities and its capability to bring in a global pool of talent. The executive declares that the UAE checks all these boxes. Crypto Oasis co-founder Saqr Ereiqat speaking at the Dubai Fintech Summit The executive also compared the UAE with the United States in regards to regulative frameworks. While Ereiqat acknowledged 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 actually taken a more proactive method to controling crypto. He explained that: ” The UAEs regulatory structure is more structured and business-friendly compared to the complex and fragmented regulative environment in the US.” Apart from these, the executive also informed Cointelegraph that the region has a considerable quantity of capital, which might potentially assist crypto businesses when trying to raise funds for their jobs. Related: Coinbase going global sparks community reactions: Crypto is international In addition, the executive recognized that theres already a growing interest in the area. According to Ereiqat, the current data they have programs that there are already over 1,800 Web3 companies in the area with more than 8,000 individuals working in the area. He included that:” The Dubai FinTech Summit was a considerable occasion that brings together stakeholders from the fintech market […] The existence of crypto and Web3 leaders and tasks at the occasion is an essential indication of the growing interest and adoption of these innovations in the region.” Coinbase CEO Brian Armstrong likewise expressed similar sentiments in a fireside chat at the Dubai Fintech Summit event. According to the executive, the United States might be “a little bit behind” in terms of regulatory clearness. Armstrong likewise said that the nation is an exciting prospective worldwide hub for Coinbase. Coinbase CEO Brian Armstrong in a fireside chat at the Dubai Fintech SummitApart from Armstrong, Ripple CEO Brad Garlinghouse likewise shared his aggravation with U.S. regulations at a fireside chat at the event. According to Garlinghouse, defending themselves against the United States Securities and Exchange Commission is about to cost the company $200 million. Publication: Crypto City: Guide to Dubai

Other Questions People Ask

Why is UAE infrastructure for crypto considered more ‘business-friendly’ than the US, says exec?

The executive, Saqr Ereiqat, emphasizes that the UAE's regulatory framework is more structured and conducive to business compared to the fragmented regulatory environment in the US. This proactive approach allows crypto companies to navigate regulations more easily, fostering a supportive ecosystem for innovation. Additionally, the UAE's significant capital availability enhances opportunities for crypto businesses to secure funding for their projects.

What aspects of UAE infrastructure make it ideal for crypto businesses compared to the US?

Ereiqat points out that the UAE excels in several key areas, including its regulatory infrastructure, digital facilities, and ability to attract global talent. These factors create an environment where crypto companies can thrive and grow. In contrast, the US faces challenges with regulatory clarity, which can hinder business operations in the crypto sector.

How does the growing interest in the UAE's crypto sector compare to that in the US?

The UAE has seen a surge in interest, with over 1,800 Web3 companies and more than 8,000 individuals working in the sector. Events like the Dubai FinTech Summit highlight this growing enthusiasm and adoption of crypto technologies. In comparison, executives like Coinbase's Brian Armstrong have noted that the US may be lagging behind in terms of regulatory clarity and overall interest in the crypto space.

What role does capital availability play in making UAE infrastructure more favorable for crypto?

The availability of substantial capital in the UAE is a significant advantage for crypto businesses looking to raise funds. This financial support can help startups and established companies alike to innovate and expand their operations. In contrast, the US market's regulatory complexities can create barriers that make it more challenging for crypto firms to secure necessary funding.

How does the regulatory approach in the UAE benefit crypto companies compared to the US?

The UAE's regulatory approach is designed to be more business-friendly, allowing for clearer guidelines and a more streamlined process for compliance. This contrasts with the US, where regulations can be complex and inconsistent across different states. By fostering a supportive regulatory environment, the UAE encourages innovation and attracts more crypto businesses to establish their operations in the region.