Gemini, the crypto exchange founded by the Winklevoss twins, is making a move to acquire a crypto service license in the United Arab Emirates (UAE) to cater to the growing interest in cryptocurrencies among UAE citizens.
The decision to expand into the UAE is driven by Gemini’s recognition of the increasing demand for crypto in the region and the positive discussions it has had with regulators. The Winklevoss twins, Cameron and Tyler, believe that the UAE has the potential to become a crypto hub and are focused on establishing clear and consumer-friendly regulations that foster innovation.
While the exact location for Gemini’s UAE headquarters has not been finalized, both Abu Dhabi and Dubai are being considered as potential options. This expansion is part of Gemini’s broader strategy to explore opportunities outside the United States, given the regulatory challenges and uncertainties it faces in its home country.
Gemini’s plans for expansion extend beyond the UAE. The company recently launched a non-US crypto derivatives platform and has been actively pursuing growth opportunities in Asia. These moves reflect Gemini’s commitment to serving a global customer base and seeking jurisdictions that offer a favorable regulatory environment.
However, Gemini is currently facing legal challenges related to the bankruptcy of Genesis Global Capital, a crypto lender. This has resulted in funds being locked up for over 200,000 users of Gemini’s Earn program. The company is working to resolve this issue and ensure the release of the funds to its customers.
In another development, Crypto.com has announced the finalization of its license from the Monetary Authority of Singapore (MAS) after receiving initial approval in principle a year ago. This licensing milestone demonstrates the ongoing efforts of crypto exchanges to navigate the evolving regulatory landscape and establish operations in compliant jurisdictions to serve a broader customer base.
As the crypto industry continues to grow and regulatory frameworks evolve, it is becoming increasingly important for crypto businesses to seek new jurisdictions that provide a conducive environment for their operations and enable them to meet the needs of their customers worldwide.