Dubai won crypto’s race while the US stalled, says Robinhood executive

Dubai: Dubai’s regulatory approach to cryptocurrencies has given the emirate a clear advantage over the US, according to Daniel Gallagher, Chief Legal, Compliance and Corporate Affairs Officer at Robinhood, who said years of policy uncertainty in Washington pushed large parts of the industry offshore.

Speaking during a panel chat at the World Government Summit, Gallagher said the UAE moved early to put purpose-built structures in place for digital assets, creating confidence for companies and investors.

“I’ll use one topic, crypto in particular,” he said. “Cryptocurrencies here in Dubai, it’s an old story. You’ve had VARA created to deal specifically with crypto. You’ve had the other regulators adapting. DFSA just came out with new guidelines on crypto to make it a more crypto friendly environment for the registrants.”

Gallagher contrasted that with the US experience, where crypto regulation remained fragmented and enforcement-led for years. He said the absence of a federal framework forced innovation to relocate.

“In the United States, where big portions of crypto originated, it all had to go offshore because there’s no competent regulatory scheme,” he said. “There was a four year period under the last administration where it was enforcement first, lawsuits and no policymaking.”

That legacy continues to weigh on the sector, he added, even as lawmakers attempt to catch up. “Now the US is trying to legislate, trying to regulate, but these policymakers don’t have any experience with the product. There’s no savvy behind the regulation. There’s no understanding of the technology that’s going to keep us at the forefront,” Gallagher said. “We’ve lost so much ground, it’s going to be hard to get it back.”

The comments came during a broader discussion on digital finance, infrastructure and consumer access, with panelists pointing to the role of policy clarity in shaping outcomes. Khalifa Al Shamsi, CEO of e& International and e& Life, said the region’s focus on inclusion has allowed technology adoption to reach across income groups.

“Connectivity inclusion was addressed years ago,” Al Shamsi said, adding that financial access became the next priority. “When everybody is connected to financial institutions and has access to financial services, the end user will benefit, the country will benefit and we will also benefit.”

He pointed to digital identity, instant onboarding and fintech platforms as enablers that allow broader participation in the economy, including blue-collar and underbanked workers. “I always believe that worker, blue collar worker, that’s building that mansion, I would like him to own a fraction of that mansion,” Al Shamsi said, referring to access to investment and wealth-building tools.

Artificial intelligence featured as the next layer in the digital stack. Ashish Koshy, CEO of Inception, said digital services are moving toward intent-based systems that reduce friction for citizens and consumers.

“If a product can reduce the stress in the public sector, that’s a killer product for the consumer,” Koshy said, pointing to AI-driven services that allow users to complete tasks without navigating complex interfaces.

He added that inclusion extends beyond finance to usability. “If my grandmother cannot use that particular app without my help, that is inclusion,” Koshy said, stressing the need for localisation and culturally aware design as AI adoption scales.

Gallagher said the convergence of regulation, infrastructure and technology is reshaping how financial services evolve, with regions that move early setting the terms of competition.

“My advice would be keep it up and stay scrappy,” he said, adding that markets across the Gulf, Africa and parts of Asia are offering lessons in how to stay aligned with fast-moving technology.