The United-States-based cryptocurrency exchange is now seeking a license in the United Arab Emirates as it seeks to escape “hostility and [a] lack of clarity” on regulations in the U.S.
The Winklevoss-owned crypto exchange Gemini has announced that it has begun the process of acquiring a crypto service license for customers in the United Arab Emirates (UAE).
In a May 31 blog post, Gemini cited increased enthusiasm for cryptocurrencies among citizens and positive conversations with regulators of the UAE as the reason for pursuing the license.
Additionally, Gemini co-CEOs Cameron and Tyler Winklevoss told Zaywa that the move was spurred on after experiencing “hostility and a lack of clarity” on crypto regulation in the United States.
1/ We’re coming to the UAE!
We’re thrilled to announce that Gemini will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE
— Gemini (@Gemini) June 1, 2023
“We’ve been super encouraged with our conversations here with the regulators,” Gemini CEO Tyler Winklevoss told Abu Dhabi-based news outlet The National.
“There’s an effort to make the UAE a home and a hub for crypto and, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate.”
At the time of publication, the Winklevoss twins have not yet decided where to base operations for the exchange in the country, hinting that the new Gemini headquarters could be established in both Abu Dhabi and Dubai.
Related: China to gain most from restrictive US crypto regulations — Coinbase CEO
According to data from Gemini’s Global State of Crypto Report, more than 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the United States.
Nearly 32% of non-owners in the UAE said they are likely to purchase crypto in the next year. Additionally, 33% of crypto holders in the UAE plan use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of crypto owners globally.
4/
As part of Gemini’s 2022 Global State of Crypto Report, we found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases.
We also found high intent to purchase crypto among those who were not yet ownershttps://t.co/EIB1ji2uBP pic.twitter.com/Ay9pfzkJk4
— Gemini (@Gemini) June 1, 2023
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
