Managing director of Animoca Brands Middle East unit, Omar Elassa, stated that the decision by U.S. affiliated crypto firms like Hut 8 and American Bitcoin to expand in Dubai reflects the United States’ regulatory lag, positioning the UAE as a practical alternative for crypto operations.

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There is an irony in U.S. political figures advocating for America to be the crypto capital of the world while simultaneously executing high-profile deals in jurisdictions like the UAE," Omar Elassar, managing director of Animoca Brands' Middle East unit, told Decrypt.