Winklevoss’ Crypto Exchange Gemini Eyes UAE Expansion

Cryptocurrency exchange Gemini continues its global expansion, initiating the process to acquire a crypto license in the United Arab Emirates (UAE).

“By applying for a license, we will be taking 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 said in a blog post late Friday night. The license allows crypto firms to begin serving customers in the region.

Earlier this week, the Gemini team landed in the UAE to meet “stakeholders throughout the region,” seeking to gather more information about local regulatory requirements and the needs of UAE crypto investors.

According to Gemini, the Middle East nation is “a forward-thinking, global financial hub,” which is “continuing its tradition of leadership by establishing itself as a fast-emerging hub for crypto.”

Gemini’s push into the region comes less than a week after the Winklevoss twins announced Dublin, the capital of the Republic of Ireland, as its new European headquarters.

Explaining the move, Gemini cited the growing regulatory pressure on the crypto industry in the U.S., which makes it “hard to get anything done there” and is prompting the crypto exchange to look for friendlier jurisdictions.

Crypto adoption in UAE

Touching further on the decision to apply for a crypto license in the UAE, Gemini’s blog post cites its 2022 Global State of Crypto Report, where the exchange studied crypto adoption across 20 countries.

Per the report, more than 35% of those surveyed in the UAE had purchased cryptocurrencies, with nearly 32% of those not in possession of crypto indicating that they are likely to make such a purchase in the next year.

Furthermore, the report found that a third of the UAE respondents who own cryptocurrencies use them to make purchases at brick-and-mortar retailers. This is compared to just 19% of cryptocurrency owners globally.

According to Gemini, the combination of these findings and the team’s recent “enthusiastic conversations” with the UAE regulators, startups, and other ecosystem participants, “have further cemented our interest in investing in the UAE and becoming a part of its crypto community.”