The United-States-based cryptocurrency exchange is now planning to seek a license in the United Arab Emirates for escaping. The Winklevoss – owned crypto exchange Gemini has recently announced that it has started the process of acquiring a crypto service license for its customers in the United Arab Emirates (UAE).
Through their blog post on May 31, Gemini talked about the growing enthusiasm for cryptocurrencies among the citizens. As a result, their positive conversations with the regulators of the UAE are the reason for pursuing a license. Furthermore, the co – CEOs of Gemini stated that the decision was taken after experiencing hostility and lack of clarity on the crypto regulation in the United States.
However, the Winklevoss twins seem to have not decided where to base their operations for the exchange in the UAE yet it is believed that Gemini headquarters would be established in both Dubai and Abu Dhabi. According to the data shared by Gemini’s Global State of Crypto Report, more than 35% of all those who were surveyed had purchased cryptos in UAE while the USA recorded 20% of the surveyed individuals buying cryptos.
Furthermore, about 32% of the non–crypto owners in UAE said that they are likely to purchase in the coming year. Alongside, 33% of the crypto holders in the UAE plan to use crypto form making purchases with brick-and-mortar retailers whereas the number stands at only 19% on the global level. Thus, UAE is seen as the rising hub for crypto firms and enthusiasts too.
