Winklevoss-owned cryptocurrency exchange Gemini has announced that it has started acquiring crypto services licenses for clients in the United Arab Emirates (UAE).
In a May 31 blog post, Gemini cited increased citizen enthusiasm for cryptocurrencies and positive dialogue with UAE regulators as reasons for applying for the license. Additionally, Gemini co-CEOs Cameron and Tyler Winklevoss told Zaywa that the move was driven after expert iencing “hostility and lack of clarity” regarding cryptocurrency regulation in the United States. “We're very encouraged by the conversations we've had with regulators here,” Gemini CEO Tyler Winklevoss told Abu Dhabi-based news outlet The National.
“Efforts are underway to make the UAE a home and hub for cryptocurrencies and, most importantly, have well-thought-out regulations that protect both consumers and companies' ability to innovate.” At the time of publication, the Winklevoss twins had not yet decided which exchange in the country to operate, suggesting that the new Gemini headquarters could be set up in Abu Dhabi and Dubai. According to Gemini's Global State of Cryptocurrency Report, more than 35 percent of those surveyed in the UAE have purchased crypt ocurrencies, compared to Just 20 percent in the United States.
Nearly 32% of non-owners in the UAE say they are likely to buy cryptocurrencies in the next year. Additionally, 33% of cryptocurrency holders in the UAE plan to use it to make in-person purchases at brick-and-mortar retailers, compared to only 19% globally.
