The Winklevoss twins crypto exchange Gemini is applying for a crypto license from the UAE

Winklevoss-owned crypto exchange Gemini has announced that it has started obtaining a crypto service license for customers in the United Arab Emirates (UAE).

In a May 31 blog post, Gemini cited growing enthusiasm for cryptocurrencies among citizens and positive interactions with UAE regulators as reasons for pursuing the license.

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

“We’re very excited about our discussions with the regulators here,” Gemini CEO Tyler Winklevoss told Abu Dhabi-based news outlet The National.

“An effort has been made to make the UAE a home and a hub for crypto, and more importantly, to establish thoughtful regulation that engages both consumers and companies’ ability to innovate.”

At the time of publication, the Winklevoss twins have not yet decided where in the country they will base their operations for the exchange, hinting that the new Gemini headquarters could be located 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 cryptocurrencies, compared to only 20% in the United States.

Around 32% of non-owners in the UAE said they might buy cryptocurrencies in the next year. Furthermore, 33% of crypto holders in the UAE plan to use it to make in-person purchases from physical retailers, compared to only 19% of crypto owners worldwide.

The Magazine: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Last Word?

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