Gemini has announced that it has begun the process of obtaining a crypto service license for customers in the United Arab Emirates (UAE).
A May 31 blog post shared by Gemini cited the growing interest in cryptocurrencies among citizens and positive conversations with the UAE’s regulators as reasons for obtaining the license. Also, Gemini co-CEOs Cameron and Tyler Winklevoss told Zaywa that the move came after a lack of clarity on crypto regulations in the US.
New Headquarters May Be Established in Abu Dhabi
“We’re very encouraged by the conversations we’ve had with regulators here,” Gemini CEO Tyler Winklevoss told Abu Dhabi-based news outlet The National.
“As well as making the UAE a hub for crypto, there is an effort to enact thoughtful regulation that connects and protects both consumers and the company’s ability to innovate,” Tyler said. At the time of the news, the Winklevoss twins had not yet decided where to conduct their stock market operations in the country, indicating that the new Gemini headquarters could be set up in both Abu Dhabi and Dubai.
According to data from Gemini’s Global State of Crypto Report, more than 35 percent of respondents in the UAE have purchased crypto, while only 20 percent of those in the US have purchased crypto.
Nearly 32 percent of non-crypto holders in the UAE said they are likely to purchase crypto in the next year. Also, 33 percent of crypto holders in the UAE plan to use it for face-to-face shopping at brick-and-mortar retailers, compared to just 19 percent of crypto holders globally.
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