Gupta compares the MENA regulatory environment to the United States.
Navin Gupta, Ripple’s South Asia and MENA Managing Director, recently spoke about the company’s decision to expand its presence in Dubai. As reported by The Crypto Basic, Ripple recently opened a new regional office in the heart of the Dubai International Financial Center (DIFC).
The development has prompted reactions from crypto community members, who believe Ripple could be making plans to move out of the United States.
Gupta Speaks Highly of UAE Regulators
In a recent CoinDesk TV interview, Gupta was asked to compare the crypto regulatory environment in MENA to the United States.
“How do you characterize the crypto regulatory environment in the Middle East if you have to compare it to what we’re seeing in the US right now,” a CoinDesk correspondent asked Gupta.
Responding to the question, Gupta said the crypto environments of MENA and the US are similar day and night.
“I mean, it’s like day and night,” Gupta remarked.
According to the Ripple exec, UAE regulators are friendlier and more open, which makes it easier for crypto-related companies to have meaningful dialogue with them.
“You can come up with an idea, have a dialogue with the regulator, agree on a way forward, and you are able to move forward at a really quick speed,” said Gupta.
Per Gupta, companies can quickly mobilize team members due to UAE’s friendly regulations. Additionally, companies can constantly scale up, revisit the authorities, and seek clarifications, especially when the model changes.
He added that financial regulators in the UAE are creating high ground for companies to grow in the Web3 space compared to the US.
“So this is a healthy two-way dialogue that is creating high ground for companies to grow in Web 3 space,” said Gupta.
.@Ripple plans to expand into Dubai.@navinblockchain compares the U.S. regulatory environment to the UAE, saying, "it's night and day."
Watch the full conversation: https://t.co/xDsi3mLx4D pic.twitter.com/n25Uv3oEs7
— CoinDesk (@CoinDesk) May 9, 2023
Coinbase CEO Shares Similar Sentiment
Aside from Gupta, other top stakeholders have praised UAE regulators for creating an enabling environment for crypto businesses. Earlier this week, the co-founder and CEO of San Francisco-based exchange Coinbase, Brian Armstrong, noted that UAE regulators deserve credit for being forward-thinking with crypto.
Armstrong highlighted some of the progress UAE regulators have recorded, which includes the publication of a clear rule book, strong customer protection, and a business-friendly environment.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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