June 1, 2023

Gemini Founders See UAE Better US in Terms of Crypto Regulations

Gemini Founders

Gemini Founders

Gemini, the crypto exchange controlled by the Winklevoss twins, announced that it has started the procedures to obtain a crypto service license for customers in the UAE.

In a press release, Gemini attributed its move to the growing crypto enthusiasm in the UAE and positive conversations with regulators in Dubai and Abu Dhabi. Gemini listed data from a survey about the crypto situation in the Arab country, saying more than 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the US.

According to Gemini’s survey, around 32% of non-owners in the UAE said they are likely to purchase crypto in the next year. In addition, 33% of those in the UAE who own some crypto use it to make in-person purchases at brick-and-mortar retailers, compared to just 19% of owners globally.

Also, the twin brothers Cameron and Tyler Winklevoss told Zawya in an interview that they shifted their attention to the UAE due to their fruitful meetings on virtual assets with investors, customers, and regulators, pointing to a situation of no clarity or consistency in the US about regulations regarding digital assets.

“It is actually very hostile to crypto companies. To keep building and innovating is not going to be happening. There are a lot of headwinds. It is just hard to get things done in the US,” they pointed out.

“We have always believed that, always pushed that, and always tried to get that message across to the regulators to provide that clarity and consistency in guidelines, because we think that the outcomes are just so positive,” Cameroon said, adding that the city of Dubai itself, is “a triumph of policy”.

The brothers hinted that the new headquarters of Gemini could be in both Dubai and Abu Dhabi.

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