Ripple's Navin Gupta, Managing Director for South Asia and MENA, recently spurred shockwaves when touting the dramatic differences between cryptocurrency regulations in the US and Middle East North Africa (MENA) region. In a CoinDesk TV Interview, Gupta likened the two regions' regulatory climate as "day and night". The Silicon Valley-based payment firm decided to open an office in Dubai in order to capitalize on the promising opportunities in the MENA region.

Amid a climate of shaky United States regulation, Gupta is singing the praises of MENA regulators for their innovative attitude towards the cryptocurrency sector. They provide a much more welcoming atmosphere to cryptocurrency companies, making it easy to interact with authorities. Companies can progress quickly and adjust their models as needed. Businesses are in the unique position of being able to quickly deploy staff, scale their firms, and receive clarifications from the authorities.

The remarks from Gupta, Coinbase CEO Brian Armstrong, and other top stakeholders have been echoed, painting the environment for MENA cryptocurrency businesses as entirely utopian in comparison to their US counterparts. Armstrong highlighted the significance of the MENA region's achievements which include a detailed rule book, customer protections, and a business-friendly attitude.

The MENA region, particularly the UAE, is a few steps ahead of the United States when it comes to cryptocurrency. Their willingness to embrace the industry and work towards using blockchain technology ubiquitously puts it in the forefront as a prime example of what a cryptocurrency-friendly climate looks like. With Ripple opening an office in Dubai, other companies may also choose to follow in their footsteps for the opportunity to explore a better-regulated market that is ripe for blockchain use cases.



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