source: forkast.news
Gemini, the Winklevoss brothers’ cryptocurrency exchange, plans to acquire a crypto service license for serving customers in the United Arab Emirates (UAE).
The decision stems from increasing united arab emirates citizen interest in cryptocurrencies and positive discussions with local regulators.
Tyler Winklevoss and Cameron, co-CEOs of the cryptocurrency exchange, explained that their decision to expand was driven by regulatory uncertainties and an unfavorable crypto environment in the United States.
Gemini CEO Tyler Winklevoss conveyed optimism about their regulatory discussions in the united arab emirates, highlighting “extremely positive engagements” with regulators.
He emphasized the UAE’s aim to become a leading hub for cryptocurrencies, with regulations that strike a balance between consumer protection and fostering innovation.
The specific location for Gemini’s operations in the country is uncertain, but the Winklevoss twins suggested the potential of having the exchange’s headquarters in both Abu Dhabi and Dubai.
Gemini’s Global State of Crypto Report shows that in the UAE, over 35% of respondents have invested in cryptocurrencies, exceeding the 20% figure among respondents in the United States.
The report also notes that almost 32% of non-crypto owners in the UAE are likely to buy cryptocurrencies in the coming year.
Furthermore, a notable 33% of cryptocurrency holders in the UAE plan to use their digital assets for in-person transactions at brick-and-mortar stores, surpassing the global average of 19%.
Read More: Winklevoss Twins’ crypto exchange Gemini to Seek UAE crypto license
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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 ownershttps://t.co/EIB1ji2uBP pic.twitter.com/Ay9pfzkJk4
— Gemini (@Gemini) June 1, 2023
Read More: Introducing Lineup for London Blockchain Conference 2023
The UAE is now a leading destination for cryptocurrency companies, attracting industry giants like Gemini and others. With progressive regulations and a crypto-friendly environment, the united arab emirates encourage innovation, investment, and adoption of digital assets. Its commitment to thoughtful regulation and consumer protection, along with efforts to establish itself as a global crypto hub, have greatly contributed to its growing appeal.
As more companies focus on the united arab emirates, it’s clear that the nation’s forward-thinking approach places it at the forefront of the digital revolution, solidifying its reputation as a blockchain haven and paving the way for a promising crypto future.
