Dubai is hoping to become the number 1 blockchain hub.
The US is alienating themselves and is now very much on their own when it comes to Crypto regulation
With the news earlier today that Bittrex US is filing for bankruptcy and closing down, but this is only the US arm and not Bittrex Global. The way it was announced it sounded like Bittrex was filing for bankruptcy and was a little misleading. Business as usual for everyone else outside of America. This is what is important as what the US says and does has no bearing outside of it's borders. Maybe in the past this was the case ,but the US influence is disappearing quickly.
The SEC have been putting the boot in and it could back fire big time, but honestly they clearly don't care about the investors. Look at the Ripple case which has been ongoing since 2020 with each week passing saying the rulings are imminent. They don't want the findings to be released obviously as otherwise why are they holding back? Possibly the answer is the release of the CBDC's first and then we get the findings so this is all a manipulation and kind of what we expected. Dirty politicians along with the SEC giving everyone a clear picture of what America is up to. Please America vote smarter next time as your country affects us all for now that is. This could change very quickly however as the US is becoming less and less relevant.
Whilst doing my COTI research I came across Brian Armstrong (Coinbase) doing a speech in the UAE yesterday. he is at the Dubai Fintech Summit like so many others as the UAE would want to be the main Fintech hub.
What is important about this is Brian Armstrong is talking and promoting the UAE as he is not on a panel, but doing this solo with a Bloomberg anchor from Dubai which I presume are set questions.
What he highlighted was the importance of Dubai as a Fintech Hub for crypto as he has had the red carpet rolled out for his visit. He has access to all the key ministers who want his business which is kind of the opposite of what the States is doing.
He mentioned the UAE had Crypto regulations with 4 conditions. These conditions are more like common sense and why it makes the US look so inadequate and full of nonsense The conditions are as follows.
Business Friendly
Protection of consumers.
The UAE's regional leadership being promoted at the forefront for the UAE being the center of the 4th industrial revolution.
Regulations align with the money laundering guidelines with the Financial Action task Force along with guidelines enabling the UAE to be the global leader in blockchain tech.
What the US is doing is creating a gap which other countries are replacing and there is going to be no turning back afterwards. Regulation is happening and why the UAE and others are racing against the clock to be the first ones open for business.
Here is some additional information about Dubai which is also quite key why they want this to happen. The UAE changed tactics a long time ago as they knew their oil reserves were not going to last so they then went the tourist route.. Emirates airlines is a prime example having the hub in Dubai bringing everyone to them. They opened up shopping malls etc and concentrated on a business sector being a leader in the trade of gold and diamonds.
Dubai is home to over 500 startups who also get financial backing along with access to the blockchain infrastructure. Over 11% of the UAE citizens own crypto. Another factor is over $500 billion non UAE wealth is held by investors in Dubai. This makes Dubai the 6th largest cross border management center globally and would like to grow this to become number one.
Coinbase may have opened in Bermuda last week ,but also expect Coinbase to be open in the UAE very soon as they are working with regulators on licenses and why Brian Armstrong is currently there.