Gemini, the well-known cryptocurrency exchange founded by the Winklevoss twins, has taken an important step forwards by beginning the process of obtaining a crypto service licence for consumers in the United Arab Emirates (UAE). The move comes as the firm seeks to capitalise on the rising interest in cryptocurrency among UAE residents and develop a strong presence there.
Gemini attributed its decision to seek the licence in a recent blog post on May 31 to rising interest in cryptocurrencies in the UAE and productive interactions with national authorities. Cameron and Tyler Winklevoss, the company’s co-CEOs, explained their reason for this strategic move, noting that it was driven by the “hostility and lack of clarity” surrounding crypto legislation in the United States.
Tyler Winklevoss, the CEO of Gemini, expressed confidence about the regulatory climate in the UAE, saying, “We’ve been super encouraged with our conversations here with the regulators.” There is a push to make the UAE a home and a centre for cryptocurrency, as well as to establish meaningful legislation that links and protects both consumers and a company’s capacity to develop.” This strategy demonstrates the UAE’s commitment to creating a favourable environment for the cryptocurrency sector while guaranteeing the required protections.
The Winklevoss twins have not yet decided on a site for the exchange’s headquarters in the UAE. Both Abu Dhabi and Dubai have been mentioned as prospective candidates. This action demonstrates Gemini’s commitment to building a significant presence in the UAE market and capitalising on the country’s favourable regulatory environment.
The Global State of Crypto Report from Gemini presents convincing statistics on crypto usage in the UAE. Surprisingly, over 35% of UAE respondents had actually acquired cryptocurrency, a substantially greater rate than the 20% found in the US. Furthermore, approximately 32% of non-owners in the UAE stated a desire to purchase cryptocurrency within the next year, showing the potential for additional expansion.
The survey also emphasises the UAE’s preference for cryptocurrency for in-person transactions at brick-and-mortar stores. In the UAE, 33% of crypto holders want to utilise their digital assets for such transactions, compared to 19% internationally.
Gemini’s pursuit of a crypto service licence in the UAE not only illustrates the company’s dedication to growing its operations but it also represents the UAE’s progressive position on cryptocurrency legislation. With the nation on track to become a crypto centre, this development marks the beginning of an exciting chapter for Gemini and the crypto sector as a whole, as they start on a path to embrace innovation while protecting the interests of both consumers and companies.