Navin Gupta said in an interview that Ripple intends to expand its presence in the UAE.
The company has opened a new regional office in Dubai International Financial Center (DIFC), as it planned to do back in 2020.
The interviewer asked the top executive to compare the regulatory environment regarding cryptocurrencies in MENA and in the U.S..
Gupta replied that the legal framework is radically different. UAE regulators are more open and friendly, and it is easier for cryptocompanies to have a constructive dialogue with them.
Thanks to the friendly laws, Gupta said, companies can feel free to ask the Emirati authorities for clarification, especially if there are any changes in the law.
“Cryptocurrency regulation in MENA countries and in the U.S. is like night and day.
If you have an idea for a cryptocurrency startup, in the UAE you can easily agree with the regulator on how to proceed and then move forward quickly.
It’s a good start to growing companies in the Web3 space,” Gupta says.
Brian Armstrong, CEO of cryptocurrency exchange Coinbase, made a similar point this week, calling U.S. regulators shortsighted about cryptocurrencies.
The SEC was recently criticized by its own commissioner, Hester Peirce, who said that the U.S. should take its cue from European lawmakers.