UAE Offers Friendlier Crypto Scene Than US Due to Political Stability: Komodo CTO
Komodo CTO Kadan Stadlemann said the United Arab Emirates’ (UAE) political stability fosters a friendlier environment for crypto businesses to flourish, compared to the challenges they face in the US.
In a jab at democracies, he said the UAE’s biggest advantage is its monarchy. The exec believes the UAE’s stable leadership, free from the back-and-forth policy changes of democracies, creates a more friendly environment for crypto businesses to grow.
In an interview with CryptoNews, he credited the country’s “very stable political basis” as key to its startup friendliness. He also pointed to the UAE royal family’s “genius approach,” which he believes has laid the groundwork for the country’s booming economic growth.
Stadlemann was attesting to the UAE making efforts to welcome crypto companies. All virtual asset service providers need to get licensed from the Virtual Asset Regulatory before they can operate there.
The CTO also highlighted that UAE’s low crime rate creates a safe environment that supports business growth. He attributes this to strict laws that target crime effectively.
On the other hand, he criticized the US for its overregulated crypto environment.
The Securities and Exchange Commission is typically called out for its “overreach” in handling crypto-related matters. In 2023, the regulator filed 46 enforcement actions within the industry and raked up fines worth $2.8b.
“I believe the US (crypto economy) is being let down,” Stadelmann said. He added that he knows of several crypto projects that have chosen to relocate from the US to more welcoming regions like Latin America, Europe, Southeast Asia, and the UAE.
“I believe they need industry experts involved, with all due respect. But I believe that’s what you get
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