Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has made an exciting announcement regarding its expansion plans into the United Arab Emirates (UAE). In a blog post released on May 31, Gemini highlighted the increasing enthusiasm for cryptocurrencies among UAE citizens and the favorable conversations they have had with regulators in the country. These factors have motivated the exchange to seek a crypto service license, indicating their commitment to operating within a regulated framework.
The decision to enter the UAE market was also influenced by the perceived challenges and lack of clarity surrounding cryptocurrency regulations in the United States. Gemini co-CEO Tyler Winklevoss expressed frustration with the hostility and uncertainty they encountered in the US, further emphasizing their positive experiences in discussions with UAE regulators. This has fostered an optimistic outlook for Gemini’s operations in the UAE and its ability to contribute to the country’s ambition of becoming a prominent crypto hub.
While the specific location for Gemini’s headquarters in the UAE has yet to be determined, the Winklevoss twins hinted at the possibility of establishing a presence in both Abu Dhabi and Dubai. This strategic approach could allow them to leverage the strengths and advantages offered by both cities and cater to a wider customer base in the UAE.
Why Gemini choose UAE over the US
The statistics provided by Gemini’s Global State of Crypto Report further validate the potential of the UAE market. The report reveals that more than 35% of surveyed individuals in the UAE have already purchased cryptocurrencies, surpassing the figure of 20% in the United States. Additionally, approximately 32% of non-owners in the UAE expressed their intention to enter the crypto market within the next year, indicating a strong potential for future growth.
What sets the UAE apart from the global trend is the willingness of crypto holders in the country to use their digital assets for in-person purchases at brick-and-mortar retailers. The report indicates that 33% of crypto owners in the UAE plan to make such purchases, compared to the global average of 19%. This highlights the increasing adoption and integration of cryptocurrencies into everyday transactions in the UAE.
Gemini’s decision to pursue a crypto service license in the UAE showcases its commitment to complying with regulations and operating in a transparent manner. It also demonstrates their recognition of the UAE’s efforts to establish a conducive environment for crypto businesses and innovation. As Gemini expands into this new market, it is expected to bring greater accessibility and opportunities for individuals in the UAE to engage with cryptocurrencies while adhering to regulatory requirements.
