The cryptocurrency exchange Gemini, owned by the Winklevoss, has announced that it has begun the process of acquiring a license for cryptocurrency services for customers in the United Arab Emirates (UAE).
In a post from the blog of May 31, Gemini cited the growing enthusiasm for crypto among citizens and positive talks with UAE regulators as the reason for obtaining the license.
Additionally, Gemini co-CEOs Cameron and Tyler Winklevoss, they said to Zaywa that The move was prompted after experiencing “hostility and a lack of clarity” in cryptocurrency regulation in the United States.
1/ We’re coming to the UAE!
We’re thrilled to announce that Gemini will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE
— Gemini (@Gemini) June 1, 2023
1/ We have arrived in the UAE! We are delighted to announce that Gemini will soon begin the process of acquiring a cryptocurrency license to serve clients based in the United Arab Emirates (UAE).
“Discussions with regulators have been very encouraging,” declared Gemini CEO Tyler Winklevoss to the Abu Dhabi-based media outlet The National.
“There is an effort to make the UAE a home and hub for cryptocurrency and, most importantly, to enact thoughtful regulation that connects, that protects both consumers and a company’s ability to innovate.”
At press time, the Winklevoss twins have yet to decide where to base the exchange’s operations in the country.; hint that Gemini’s new headquarters could be established in both Abu Dhabi and Dubai.
According to data from the Global State of Crypto report report of Gemini, Over 35% of respondents in the UAE had bought cryptocurrencies, compared to just 20% of respondents in the United States.
Nearly 32% of non-crypto owners in the UAE said they are likely to buy crypto in the coming year. Additionally, 33% of UAE crypto holders plan to use them to make in-person purchases at physical stores, compared to just 19% of crypto holders globally.
As part of Gemini’s 2022 Global State of Crypto Report, we found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases.
We also found high intent to purchase crypto among those who were not yet owners pic.twitter.com/Ay9pfzkJk4
— Gemini (@Gemini) June 1, 2023
4/ As part of Gemini’s 2022 Global State of Cryptocurrency Report, we found that UAE residents were rapidly acquiring cryptocurrency and using it to make in-person purchases. We also found high cryptocurrency purchase intent among non-owners.
Cointelegraph reached out to Gemini for additional comment and was directed to the exchange’s blog post.
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