Arteta says that as a foreign player it makes it all the more special to be asked to skipper the side.
Both David Moyes and Phil Neville have highlighted Arteta's leadership qualities in the past and the 28-year-old is pleased to have been given more responsibility.
He is, however, more than happy to step aside once club captain Neville returns from the foot injury that has kept him on the sidelines in recent weeks.
"I think Phil Neville is a great captain, his character, his commitment," Arteta told evertontv.
"He is someone I really respect. He is the captain and I am happy with that - as long as he is here then he is the captain.
"But it is really good for me to be captain. For me it is really important. It shows that you have earned the respect of the staff, the players and the fans to be asked to wear the armband.
"And with me being a foreign player it is really nice. Even though I have been here a long time I don't speak English as well as the other lads. I express myself and try my best but if they consider me a good captain then that is great news."