Winklevoss-led cryptocurrency exchange Gemini has announced that it has begun the process of obtaining a crypto license to serve UAE-based clients.
As part of its global expansion plans, Gemini has revealed engagements with stakeholders across the region to learn more about local regulatory requirements and the needs of crypto investors in the UAE.
In other exchange-related news, Crypto.com said it has obtained a major payment institution license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).
Gemini doubles down on the Emirati presence
Cryptocurrency exchange blog post Quote 2022 State of the World Crypto Report, which found that more than 35% of those surveyed in the UAE have bought cryptocurrency, compared to just 20% of those in the US.
Nearly 32% of non-owners in the UAE said they are likely to buy digital assets in the next year. Meanwhile, 33% of cryptocurrency users in the UAE make personal purchases with their tokens at physical retailers, compared to just 19% of holders globally.
Our app is our first step towards providing customers in the UAE and abroad with a safe, secure and easy-to-use platform to interact with cryptocurrencies. Amazing awaits. “
While speaking to local media, Zawia, during their visit to the UAE, the co-founders repeat Their frustration with the regulatory climate in the United States. Cameron Winklevoss addressed the lack of clarity and consistency in the US on regulations regarding digital assets and added,
“It’s actually very hostile to crypto companies. To keep building and innovating, it’s not going to happen. There are a lot of headwinds. It’s just hard to get things done in the US.”
Cryptocurrency exchanges are seeking global expansion
In recent months, Gemini has announced plans for a new engineering center in Gurgaon, India. It also launched a non-US derivatives platform last month amid a regulatory headwind at home. Several other cryptocurrency exchanges, including San Francisco-based Coinbase, have expanded their user base elsewhere in response to the growing crackdown by US regulators.
Elsewhere was Singapore-based cryptocurrency exchange Crypto.com Granted A major payment institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS). The license authorizes Crypto.com to provide DPT services to clients in the city-state.
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