Winklevoss-led crypto exchange Gemini has announced that it has begun the process of obtaining a crypto license to serve customers based in the United Arab Emirates (UAE).
As part of its global expansion plans, Gemini revealed that it is engaging with stakeholders across the region to learn more about local regulatory requirements and the needs of UAE crypto investors.
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 Presence in UAE
The crypto exchange’s blog post cited the 2022 Global State of Crypto Report, which found that more than 35% of those surveyed in the UAE had purchased crypto, compared to just 20% in the US.
Almost 32% of non-owners in the UAE say they are likely to buy digital assets in the next year. Meanwhile, 33% of crypto users in the UAE make personal purchases with their tokens at brick-and-mortar retailers, compared to just 19% of owners globally.
“Our application is our first step towards providing customers in the UAE and beyond with a safe, secure, and easy-to-use platform to engage in crypto. It’s really been waiting.”
While speaking to local media, Zawya, during their visit to the UAE, the co-founders reiterated their dismay at the regulatory climate in the US. Cameron Winklevoss pointed out the lack of clarity and consistency in the US regarding regulations regarding digital assets and added,
“It’s actually very hostile to crypto companies. To keep building, to change, it’s not going to happen. There are a lot of headwinds. It’s just hard to do things in the US.”
Crypto Exchanges Are Looking To Expand Globally
In recent months, Gemini announced plans to build a new engineering hub in Gurgaon, India. It also launched a non-US derivatives platform last month amid regulatory headwinds at home. Several other crypto exchanges, including San Francisco-based Coinbase, have also expanded their user base elsewhere in response to growing crackdowns by US regulators.
Elsewhere, Singapore-based cryptocurrency exchange Crypto.com has been granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS). The license allows Crypto.com to offer DPT services to customers in the city state.
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