Crypto exchange Gemini plans to step its foot into the Emirates.
Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, has disclosed plans to acquire a crypto service license in the United Arab Emirates (UAE).
The firm's intention to pursue the UAE license was announced in a blog post on May 31st.
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Gemini attributed its decision to UAE citizens' growing appetite for cryptocurrencies and the productive dialogue with the country's regulators.
Speaking to Zaywa, co-CEOs of Gemini, Cameron and Tyler Winklevoss, pointed out the lack of regulatory clarity and apparent "hostility" towards crypto in the United States as a key catalyst for the decision. Gemini founders reportedly found the regulatory environment in the UAE to be more accommodating.
Gemini CEO Tyler Winklevoss expressed his optimism in an interview with Abu Dhabi-based news outlet The National, stating:
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 protects both consumers and a company’s ability to innovate.
The team behind Gemini has not definitively chosen a location within the UAE to establish the crypto exchange’s operational base, suggesting the potential for Gemini's new headquarters to be set up in both Abu Dhabi and Dubai.
Gemini's Global State of Crypto Report provides intriguing insights into the prominence of cryptocurrencies in the UAE. The data revealed that over 35% of UAE-based respondents had purchased crypto, a percentage notably higher than the 20% reported in the United States.
Additionally, almost 32% of non-crypto owners in the UAE expressed an intention to buy crypto in the upcoming year. Furthermore, about 33% of UAE-based crypto holders plan to use their digital assets for in-person purchases at physical retail stores, a figure that significantly outpaces the global average of 19%.
Gemini's endeavor to secure a crypto service license in the UAE signifies the country's emerging status as a significant hub in the global cryptocurrency landscape. The move aligns with the increased enthusiasm for digital assets among UAE citizens and is a testament to the country's conducive regulatory environment.
It is worth noting that at the end of April, the news broke that Gemini is gearing up to launch a derivatives platform outside the United States amid a complex regulatory environment for digital currency firms in the country.