The famous exchange, owned by the Winklevoss Twins, has announced they are in the process of acquiring a crypto service license for customers in the United Arab Emirates (UAE).
Despite having Gemeni headquarters in New York, the Winklevoss Twins, who are super influential in the crypto community, have always strived to make the trading of cryptocurrencies available to different crypto enthusiasts worldwide.
They cited that the reason for beginning negotiations to get their operational for Gemini Crypto UAE is that they discovered citizens' enthusiasm about using cryptocurrencies. They also noted that the talks with the authorities regarding their operating license have been going smoothly so far.
In their blog post, published on the last day of May, Gemini announced this new development saying, "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)."
They also announced other social media platforms, such as Twitter. According to the Gemini co-CEOs Cameron and Tyler Winklevoss, one of the major reasons the company is now spreading its tentacles to the United Arab Emirates is due to the current state of crypto regulation in the United States. In recent months, it has been a war zone between government-funded agencies and crypto firms. A number of crypto establishments and personalities have been fined, and the country still has no definite crypto regulation.
This has pushed many crypto firms like Gemini to spread branches to other key countries like the UAE. Gemini co-CEOs Cameron and Tyler Winklevoss, while speaking to Cointelegraph.com, said the current "hostility and a lack of clarity" of crypto regulations in the United States are pushing them out of the country. In a conversation with Abu Dhabi-based news outlet The National, one of the CEOs said the company was very much encouraged by their discussions with the UAE regulators. "We've been super encouraged with our conversations here with the regulators,” Gemini CEO Tyler Winklevoss said.
UAE — A Fast-emerging Crypto Hub
Apparently, Gemini said the United Arab Emirates is fast becoming a major crypto hub due to its favorable crypto regulations. "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," Tyler Winklevoss said.
They also hinted that the new Gemini headquarters might be moved to the UAE if the country approves its operating license. It is reported that the new Gemini headquarters could be established in both Abu Dhabi and Dubai. "As a forward-thinking, global financial hub, the UAE is continuing its tradition of leadership by establishing itself as a fast-emerging hub for crypto. 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.
The company also revealed that the major objective of the second leg of Gemini’s global odyssey tour is to meet with stakeholders of the upcoming branch in UAE. During the meeting, the milestone they will be trying to reach is to ensure they learn everything they need to know about regulatory requirements and compliance in the country.