Share:

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

In a May 31 blog post, Gemini cited increased enthusiasm for cryptocurrencies among citizens and positive conversations with regulators of the UAE as the reason for pursuing the license. 

Additionally, Gemini co-CEOs Cameron and Tyler Winklevoss told Zaywa that the move was spurred on after experiencing “hostility and a lack of clarity” on crypto regulation in the United States.

"We've been super encouraged with our conversations here with the regulators,” Gemini CEO Tyler Winklevoss told Abu Dhabi-based news outlet The National.

There's an effort to make the UAE a home and a hub for crypto and, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate.

At the time of publication, the Winklevoss twins have not yet decided where to base operations for the exchange in the country, hinting that the new Gemini headquarters could be established in both Abu Dhabi and Dubai. 

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

Nearly 32% of non-owners in the UAE said they are likely to purchase crypto in the next year. Additionally, 33% of crypto holders in the UAE plan use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of crypto owners globally.

Cointelegraph reached out to Gemini for additional comment and was referred to the exchange's blog post.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Shiba Inu price stagnancy brings investors’ losses to a 28-month high

Shiba Inu price stagnancy brings investors’ losses to a 28-month high

Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.

More Shiba News

LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier

LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier

Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.

More Lido DAO News

THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range

THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range

THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27.  RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.

More Rune News

Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability

Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability

Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.

More Chainlink News

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.

Read full analysis

BTC

ETH

XRP