Gemini crypto exchange is planning to obtain an operating license in the United Arabs Emirates.
The Winklevoss twins said the lack of clarity on crypto regulation in the United States spurred the move.
Gemini Seeks UAE License
The Winklevoss-owned crypto exchange Gemini has announced that it is working to obtain a crypto service license for customers in the United Arab Emirates (UAE).
The crypto exchange announced this via a blog post on Wednesday, citing increased enthusiasm for cryptocurrencies among citizens and positive conversations with regulators of the UAE as the reason for seeking a license.
Gemini wrote that;
“These findings, coupled with our team’s enthusiastic conversations with regulatory stakeholders, startups, and other ecosystem participants this week, have further cemented our interest in investing in the UAE and becoming a part of its crypto community. Our application is our first step towards providing customers in the UAE and beyond with a safe, secure, and easy-to-use platform to engage with crypto. Amazing awaits.”
Gemini co-CEOs Cameron and Tyler Winklevoss told local media outlet Zaywa that the decision to enter the UAE market was due to the hostility and a lack of clarity on crypto regulation in the United States.
Tyler Winklevoss said;
"We've been super encouraged with our conversations here with the regulators. 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 moment, Gemini has not decided where to situate its office in the UAE. However, Tyler Winklevoss said the new Gemini headquarters could be established in both Abu Dhabi and Dubai.
Gemini is optimistic about the prospect in the UAE. According to Gemini’s Global State of Crypto Report, more than 35% of those surveyed in the UAE had purchased crypto, which is higher than the 20% recorded in the US.
In addition to that, roughly 32% of non-owners in the UAE said they are likely to purchase crypto in the coming months.