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Winklevoss-owned crypto exchange Gemini has announced that it has started the process of obtaining a crypto service license for customers in the United Arab Emirates (UAE).
In the blog of May 31 PostMithun cited growing enthusiasm for cryptocurrencies among citizens and positive interactions with UAE regulators as reasons for pursuing the license.
Additionally, Gemini co-CEOs Cameron and Tyler Winklevoss Said Zaiva said the move was made after experiencing “hostility and a lack of clarity” over crypto regulation in the United States.
1/ We are coming to UAE!
We are pleased to announce that Gemini will soon begin the process of obtaining a crypto license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE
— Gemini (@gemini) June 1, 2023
“We are very encouraged by our conversations with regulators here,” said Tyler Winklevoss, CEO of Gemini. Said Abu Dhabi-based news outlet The National.
“There is an effort to make the UAE a home and a hub for crypto and most importantly, to implement thoughtful regulation that engages consumers, but also protects the ability of companies to innovate.”
At the time of publication, the Winklevoss twins have not yet decided where in the country the exchange will base its operations, hinting that the new Gemini headquarters could be set up in both Abu Dhabi and Dubai.
Related: China Will Benefit Most From Restrictive US Crypto Regulations – Coinbase CEO
According to Gemini’s Global State of Crypto data reportsMore than 35% of those surveyed in the UAE had bought crypto, compared to only 20% in the United States.
About 32% of non-owners in the UAE said they might buy cryptocurrencies in the next year. Additionally, 33% of crypto holders in the UAE plan to use it to make in-person purchases at brick-and-mortar retailers, compared to only 19% of crypto owners globally.
4/
As part of Gemini’s 2022 Global State of Crypto report, we found that people in the UAE were increasingly acquiring crypto and using it to make in-person purchases.
We found high intent to buy cryptocurrency even among people who didn’t yet own it pic.twitter.com/Ay9pfzkJk4
— Gemini (@gemini) June 1, 2023
Cointelegraph reached out to Gemini for comment but has not yet received a response.
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