Winklevoss twins’ crypto exchange Gemini to seek UAE crypto license

Winklevoss-owned cryptocurrency exchange Gemini has announced that it has begun the process of obtaining a cryptocurrency service license for customers in the United Arab Emirates (UAE).

In the blog on May 31st directorGemini cited growing enthusiasm for cryptocurrencies among the public and positive conversations with UAE regulators as reasons for seeking a license.

In addition, Gemini co-CEOs Cameron Winklevoss and Tyler Winklevoss said: Said Zaiwa said the move was spurred by the “hostility and lack of clarity” he has experienced with U.S. crypto regulation.

1/ I’m coming to UAE!

We are pleased to announce that Gemini will soon begin the process of obtaining a cryptographic license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE

— Gemini (@Gemini) June 1, 2023

Gemini CEO Tyler Winklevoss: “We’ve been very encouraged by our conversations with regulators here.” Said Abu Dhabi-based news agency The National.

“Efforts are being made to make the UAE the home and hub of cryptocurrencies and, most importantly, to enact connected and thoughtful regulations that protect not only consumers but also businesses’ ability to innovate. I have.”

At the time of this article’s publication, the Winklevoss brothers have yet to decide where to base their exchange in the country, hinting that Gemini’s new headquarters could be set up in both Abu Dhabi and Dubai. .

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According to data from Gemini’s Global State of Crypto reportIn the UAE, more than 35% of those surveyed had purchased cryptocurrencies, compared to just 20% of those surveyed in the United States.

Nearly 32% of UAE non-owners said they are likely to buy cryptocurrencies in the next year. Furthermore, 33% of UAE cryptocurrency holders plan to use cryptocurrency for face-to-face purchases at brick-and-mortar retailers, compared to just 19% of global cryptocurrency holders.

Four/

As part of Gemini’s 2022 Global Cryptocurrency Landscape Report, we’ve found that people in the UAE are rapidly acquiring cryptocurrencies and leveraging them for face-to-face purchases.

We also found that the intention to buy cryptocurrencies is high among people who are not yet owners.https://t.co/EIB1ji2uBP pic.twitter.com/Ay9pfzkJk4

— Gemini (@Gemini) June 1, 2023

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