At the recent Dubai Fintech Summit, Saqr Ereiqat, co-founder of venture capital firm Crypto Oasis, spoke about the infrastructure in the United Arab Emirates and how they are “ideal” for crypto businesses.
In an interview with Cointelegraph, Ereiqat highlighted several factors that businesses should consider when considering where to set up their business. According to the executive, this includes the country's regulatory infrastructure, digital infrastructure and its ability to attr act global talent. The executive claimed that the UAE ticked all these boxes. The executive also compared the UAE with the US in terms of regulatory framework. While Ereiqat acknowledged that the UAE and the US have their own “strengths and weaknesses” in the cryptocurrency space, the executive believes that the UAE has took a more proactive approach to regulating cryptocurrencies. He explained:
"Compared to the complex and fragmented regulatory environment in the US, the UAE's regulatory framework is more streamlined and business-friendly." Among other things, the executive told Cointelegraph that the region has a lot of capital, which could help crypto businesses as they TRY to RAISE FUNDS for their Projects. In Addition, The Executive Recipnized that Interest in the Region Had Grown. Ve Shows that are alream more than 1,800 web3 organizations in the region, with more than 8,000 people working in the field. He added:
"The Dubai Fintech Summit is a major event that brings together stakeholders in the fintech industry ”. Coinbase CEO Brian Armstrong echoed similar sentiments during a fireside chat at the Dubai Fintech Summit event. The executive said the US may be "a bit behind" in terms of regulatory clarity. Armstrong also said the country is an exciting potential international hub for Coinbase. In addition to Armstrong, Ripple CEO Brad Garlinghouse also expressed his distress with US regulations during a fireside chat at the event. According to Garlinghouse, the company stands to lose $200 million trying to defend itself against the SEC.
