Coinbase to establish 'tokenization hub' in Abu Dhabi
The hub boosts the UAE’s ambitions to become a global center for digital assets.
Coinbase is set to establish a tokenization hub in Abu Dhabi, strengthening the UAE's push to become a global hub for digital assets. This move comes after Coinbase secured a license from the Financial Services Regulatory Authority of the emirate to offer tokenized securities, facilitate deals, and provide custody services. By doing so, the exchange can sell to customers using digital wallets, eliminating the necessity for brokerage accounts or correspondent banking relationships.
The UAE is leveraging its sovereign wealth funds to invest in the crypto industry, with MGX investing $2 billion in Binance. Coinbase representatives are also expected to attend a gathering of cryptocurrency and prediction market leaders at the White House.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
