Gemini Exchange: A New Course Towards UAE
Gemini, the cryptocurrency exchange owned by the Winklevoss twins, has recently made headlines with its announcement to pursue a crypto service license for the United Arab Emirates (UAE) customers.
Regulatory Hostility Spurs Move
Gemini co-CEOs Cameron and Tyler Winklevoss highlighted the “hostility and a lack of clarity” on U.S. cryptocurrency regulations as a significant driver behind this strategic move. In their conversation with Zaywa, they revealed their ongoing pursuit to find a more accommodating environment for their exchange.
UAE’s Crypto-Friendly Environment Welcomes Gemini
Tyler Winklevoss, during his interaction with Abu Dhabi-based news outlet, The National, praised the proactive stance of UAE regulators towards cryptocurrencies. He said, “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 to enact thoughtful regulation that protects both consumers and a company’s ability to innovate.”
Prospective Locations for New Gemini Operations
While no decision has been finalized regarding the Gemini’s new headquarters in UAE, there’s speculation that both Abu Dhabi and Dubai are being considered.
Impressive Crypto Enthusiasm Among UAE Residents
According to Gemini’s Global State of Crypto Report, a significantly higher percentage of people surveyed in the UAE own cryptocurrencies compared to those in the U.S. Furthermore, a considerable number of non-owners in the UAE have expressed their intention to invest in cryptocurrencies, promising a fertile ground for crypto adoption. Remarkably, 33% of UAE’s crypto holders intend to use digital currencies for in-person purchases, a promising sign for the expansion of crypto payment acceptance in the country’s retail sector.