|
Getting your Trinity Audio player ready...
|
The Winklevoss-led crypto exchange Gemini has announced that it is acquiring a crypto license to serve customers in the United Arab Emirates (UAE). The move is part of the exchange’s global expansion plans, and it has revealed that it is engaging with stakeholders throughout the region to learn more about local regulatory requirements and the needs of UAE crypto investors.
Gemini Doubles Down on UAE Presence
In its blog post, Gemini cited its 2022 Global State of Crypto Report, which found that over 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the US. It also revealed that almost 32% of non-owners in the UAE are likely to purchase digital assets in the next year. Interestingly, 33% of crypto users in the UAE make in-person purchases with their tokens at brick-and-mortar retailers, compared to just 19% of owners globally.
According to Cameron Winklevoss, one of the co-founders, the application is the first step towards providing customers in the UAE and beyond with a safe, secure, and easy-to-use platform to engage with crypto. Gemini has a wider aim of broadening their user base elsewhere in response to the growing crackdown by US regulators.
It is also important to note that other crypto exchanges, such as San Francisco-based Coinbase, have also broadened their user base elsewhere. Crypto.com, a Singapore-based cryptocurrency exchange, was granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS). The license authorizes Crypto.com to offer its DPT services to customers in the city-state.
Gemini has announced plans to set up a new engineering hub in Gurgaon, India, and has also launched a non-US derivatives platform last month amidst regulatory headwinds back in the US. The co-founders have reiterated their frustration over the regulatory climate in the US, citing lack of clarity and consistency as headwinds to innovation and building.
