Gemini Crypto Exchange to Seek UAE Licence
Cryptocurrency exchange Gemini has announced that it seeks a crypto licence in the United Arab Emirates (UAE). The Winklevoss-owned crypto exchange has begun acquiring a crypto service licence for customers in the UAE to escape the lack of clarity and hostility on regulations in the United States.
On May 31st 2023, Gemini announced on their blog the reason for pursuing a licence in the UAE and cited increased enthusiasm for crypto among citizens and positive conversations with regulators. The team has met stakeholders throughout the region to learn more about local regulatory requirements and the needs of UAE crypto investors in the area to better serve the rapidly growing and vibrant crypto environment. The crypto exchange Gemini is founded by crypto pioneers and identical twins Cameron and Tyler Winklevoss to achieve global crypto adoption across twenty countries.
Views Regarding the Licence
The company noted, “By applying for a licence, we will take another step towards making Gemini a truly global company and advancing our mission to unlock the next era of financial, personal and creative freedom for all.” Gemini added, “We’re coming to the UAE! We’re thrilled to announce that Gemini will soon begin acquiring a crypto licence to serve customers based in the United Arab Emirates (UAE)”. Additionally, Gemini co-CEOs Tyler and Cameron Winklevoss said, “We’ve been super encouraged with our conversations here with the regulators”.
According to a Dhabi-based news outlet Tyler Winklevoss said, “There’s an effort to make the UAE a home and a hub for crypto, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate”. During the publication, the blog post did not say when the company expects to start operating in the UAE; however, there were hints that the new Gemini headquarters could be established in Dubai and Abu Dhabi.
Gemini’s Crypto Adoption
The company’s push into the UAE comes less than a week after the Winklevoss twins announced Dublin as its new European headquarters. The message came after a meeting between the Winklevoss twins, the Irish Prime Minister Leo Varadkar, and the body responsible for foreign investment into Ireland, the Industrial Development Agency (IDA) representatives.
The Winklevoss twins said, “We’re grateful for the support of the Irish government and the IDA as we embark on the next exciting steps in our journey. We look forward to being part of and adding to the vibrant tech community in Dublin”. The twins added, “Crypto is as transformative as the internet, and we are committed to unlocking the opportunities it represents”.
Tyler Winklevoss took to his social media page and posted, “The profound promise of crypto and the importance of common sense regulation to realise that promise. We believe MiCA is that common sense regulation.” Tyler Winklevoss added, “We also announced that Gemini has made Ireland its European HQ onward!” Cameron Winklevoss said, “Ireland will be the exchange’s entry point into the rest of Europe once MiCA regulation is fully implemented across the EU by 2025”.
At the beginning of May 2023, the twins visited London, where they met officials at the Bank of England and the Financial Conduct Authority (ECA), hinting that the UK was a possible new base for Gemini. Cameron Winklevoss said, “There are so many headwinds right now in the United States it’s hard to get anything done there. And so in order to keep building our business and investing in hiring, we have to look elsewhere”. Cameron added, “The UK is a great market to consider that”.
The company has made it clear that they have no intentions of leaving the US. Cameron said, “We’re not leaving the US, we’re going to continue to fight the good fight there. But we also understand that you can vote with your feet, and that’s our right and we will do that when faced with a hostile environment”.
Additionally, experts at 7Bitcoins mentioned that Gemini’s decision to apply for a crypto licence in the UAE cites its 2022 Global State of Crypto Report. According to data from the report, more than 35% of the UAE had purchased crypto compared to only 20% in the US. Furthermore, about 32% of non-crypto holders said they would likely buy crypto in the coming year. 33% of crypto holders in the UAE plan to use it for personal purchases at brick-and-mortar retailers compared to 19% of crypto owners globally.
Gemini’s plan to operate outside the US jurisdiction seems fuelled by the team’s investigation and conversations with the UAE regulators. The company has clarified, however, that it will not desert the United States. Crypto regulations in the UAE have cemented investing interest for the Winklevoss twins to seek an operating licence in the UAE. Despite the several blow-ups in the digital industry last year, including the bankruptcy of FTX, the Winklevoss twins are looking to expand their footprint in the crypto sector globally.
