The Winklevoss brothers’ cryptocurrency exchange Gemini is looking to expand its business to the United Arab Emirates (UAE) and is, therefore, seeking a crypto service license from regulators in the region. The move to other regions seems to be the strategy that virtual asset-related entities including Gemini are adopting to escape the hostility and crackdown in the United States.
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The U.S.-based digital asset service provider mentioned that the decision to apply for a license in the UAE is part of Gemini’s goal of establishing itself as a global firm. It is also an advancement of its “mission to unlock the next era of financial, personal, and creative freedom for all.”
UAE Residents Express Crypto Enthusiasm
At the same time, the Winklevoss twins’ exchange acknowledges that there is a high level of crypto enthusiasm in the UAE.
This was discovered during the drafting of Gemini’s 2022 Global State of Crypto Report when the company analysed crypto adoption across 20 countries. The survey showed that citizens and residents of countries in the UAE were continually purchasing cryptocurrencies. Those who had not made any purchase at that time, also indicated interest to do so.
Statistically, those that had purchased crypto in the UAE at the time of the survey were more than 35% of the respondents, compared to the U.S. which had only 20%.
Another 32% suggested that they were likely to own a crypto holding in the next year. The more active group was those who utilized crypto for in-person purchases at brick-and-mortar retailers. 33% of UAE respondents were categorized in this group.
U.S. Crackdown Scares Crypto Exchanges
While this enthusiasm is one of the reasons why Gemini is pursuing the UAE license, both Cameron and Tyler Winklevoss mentioned that the recent crypto crackdown in the U.S., as well as regulatory uncertainty, also influenced their decision. It is worth noting that Gemini had earlier selected Ireland as a base for its expansion in Europe.
“There’s an effort to make the UAE a home and a hub for crypto and, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate,” Tyler said.
Coinbase Files Lawsuit Against U.S. Regulator
Another American cryptocurrency exchange is currently in the hair of the Securities and Exchange Commission (SEC) over regulatory concerns. Coinbase has filed a lawsuit against the regulator requesting that it acts on its pending rulemaking petition. According to the cry pro exchange, the SEC needs to provide clarity on its crypto rules.
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