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Cameron and Tyler (Winklevoss Twins), the co-founders of the Gemini cryptocurrency exchange, are seeking a crypto license for their customers in the United Arab Emirates (UAE).
1/ We’re coming to the UAE! ??
We’re thrilled to announce that Gemini will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE
— Gemini (@Gemini) June 1, 2023
While speaking to Zawya, Winklevoss expressed their enthusiasm to take part in obtaining the license in order to get access for their clients based in the United Emirates after experiencing what they termed “hostility and a lack of clarity” on regulations in the United States of America.
According to Cameron, there needs to be more clarity and consistency regarding digital asset regulations in the US:
“It is actually very hostile to cryptocurrency firms.” It is not possible to keep building and innovating. There are numerous headwinds. It’s just difficult to get things done in the United States.”
The Winklevoss Twins, who have been negotiating with the UAE, expressed satisfaction with the hospitality shown to them during meetings in Abu Dhabi and Dubai.
In a statement, Tyler sited, “We’ve been super encouraged with our conversations Cameron also discussed the impact of the FTX debacle on the industry. Cameron also discussed the impact of the FTX debacle on the industry. Here with the regulators, 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.”
However, the Winklevoss Twins have yet to develop a strategic location where they will base their headquarters, implying that the new Gemini headquarters may be located in Dubai and Abu Dhabi.
Effects of FTX Collapsing on Gemini
Cameron also discussed the impact of the FTX debacle on the industry.
“We have been there for almost a decade, engaging with regulators, but post FTX, everything changed. We had nothing to do with FTX, but suddenly that was an excuse to sour on the whole industry.”
Tyler stated that their experience in the UAE has “met, if not exceeded, expectations thus far.” Both brothers stated that, as Gemini’s founders, they have always made efforts to contribute to the regulatory process.
“We have been doing it the right way for nearly a decade.” “We are excited to see more regions embrace crypto and recognize the importance of proper regulation,” Cameron told Zawya.
“You don’t want the Wild West, but you also don’t want a wall or a gate to innovation; getting that balance right builds the healthiest markets.
“We have always believed that, always pushed that, and always tried to get that message across to the regulators to provide that clarity and consistency in guidelines, because we think that the outcomes are just so positive,” he said, adding that the city of Dubai itself, is “a triumph of policy.”
According to Gemini’s Global State of Crypto Report, more than 35% of those polled in the UAE had purchased cryptocurrency, compared to only 20% in the U.S.
In the UAE, about 32% of non-owners said they intended to purchase cryptocurrencies in the upcoming year. Furthermore, compared to only 19% of cryptocurrency users globally, 33% of UAE crypto owners plan to utilize their coins to make in-person purchases at brick-and-mortar stores.
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