Gemini, the crypto exchange led by the Winklevoss twins, has started the process of acquiring a crypto license to serve customers in the United Arab Emirates (UAE). The move is part of Gemini’s global expansion plans, and the exchange 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’s decision to expand into the UAE is based on the findings of its 2022 Global State of Crypto Report, which revealed that over 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the US. Additionally, almost 32% of non-owners in the UAE said they are likely to purchase digital assets in the next year. Furthermore, 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.
In a statement, Gemini said, “Our application is our first step towards providing customers in the UAE and beyond with a safe, secure, and easy-to-use platform to engage with crypto. Amazing awaits.”
Gemini’s Frustration with US Regulatory Climate
During a visit to the UAE, the Winklevoss twins spoke with local media outlet Zawya and expressed their frustration with the regulatory climate in the US. Cameron Winklevoss highlighted the lack of clarity and consistency in the US regarding regulations surrounding digital assets and added, “It is actually very hostile to crypto companies. To keep building, innovating, is not going to be happening. There is a lot of headwinds. It is just hard to get things done in the US.”
Gemini’s decision to expand into the UAE and other regions is a response to the growing crackdown by US regulators. In recent months, the exchange has announced plans to set up a new engineering hub in Gurgaon, India, and launched a non-US derivatives platform amidst regulatory headwinds back home. Other crypto exchanges, including San Francisco-based Coinbase, have also broadened their user base elsewhere in response to the regulatory challenges in the US.
Crypto.com Acquires Major Payment Institution License in Singapore
In other exchange-related news, Singapore-based cryptocurrency exchange Crypto.com has acquired a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). The license authorizes Crypto.com to offer its DPT services to customers in the city-state.
Crypto.com’s acquisition of the MPI license is part of its global expansion plans. The exchange has been expanding rapidly in recent months, launching its own blockchain and cryptocurrency, and securing partnerships with major brands such as Visa. The exchange’s CEO, Kris Marszalek, said, “We are thrilled to have received the MPI license from MAS, which is a significant milestone in our mission to accelerate the world’s transition to cryptocurrency.”