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- 1 Gemini crypto exchange is operating in more than 50 countries.
- 2 The exact location for Gemini’s headquarter in UAE is not decided yet.
Cryptocurrency Exchange Gemini announced that it had started the process of filing its exchange in the United Arab Emirates. The primary reason behind applying for a license is the increasing enthusiasm and positive response of regulators in the UAE.
While talking to the Zawya Winklevoss brothers, the co-founders of Gemini informed that the moves to file in UAE are somewhat related after the lack of clarity of crypto regulations in the United States.
1/ We’re coming to the UAE! 🇦🇪
— Gemini (@Gemini) June 1, 2023
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
During a post-meeting media conference with The National, Tyler Winklevoss, the Chief Executive Officer of Gemini, said that they are entirely motivated by the conversion of regulators.” he added that “There are efforts continuously going on in the UAE to make it a home and heaven for crypto and to enact appropriate regulations to safeguards users as well as companies.”
As of now, Gemini officials still need to decide the designation where to inaugurate their headquarters, but most probably, the quarters will be based in Abu Dhabi or Dubai or on both the places.
As per the research report of Gemini Global States of Crypto, over 35% of UAE citizens trade, hold, or are using crypto; compared to the United States, only 20% of citizens use cryptocurrencies.
4/
— Gemini (@Gemini) June 1, 2023
As part of Gemini’s 2022 Global State of Crypto Report, we found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases. 🤝
We also found high intent to purchase crypto among those who were not yet ownershttps://t.co/EIB1ji2uBP pic.twitter.com/Ay9pfzkJk4
The non-holding crypto in UAE plans to buy crypto in the upcoming months and years. The remaining crypto holders are known as one of the most advanced users as they prefer to pay using cryptocurrencies for even mortgages and purchase daily-use products.
Ireland Expansion of Gemini
Earlier on May 26, 2023, TheCoinRepublic reported while talking to the prime minister of Ireland, Leo Varadkar, the Winklevoss twins explained that the reason for choosing Ireland is because of its regulatory policies, its talent pool, and the technology-driven community.
Besides Gemini, dozens of other crypto exchanges are rushing toward filing for regulatory approvals and operation licenses in some significant parts of the world, including Singapore, UAE, Hong Kong, and Ireland.
Research in August 2022 revealed that 10% of Irish adults hold crypto, which is 2% less than the 2021 bull market. The Irish Central Bank chief recently called for a crypto advertising ban.
Upon the approval of Markets in Crypto Assets Regulations (MiCA) on May 16, the company plans to increase its headcount. Cameron Winklevoss speaking of the MiCA regulations, said that the crypto industry could get a massive book due to the regulatory framework around cryptos.
Several market analysts claim that the unprecedented demise of Bahamas-based crypto exchange FTX has feared all countries and forced them to enact complex rules. China is ranked first in the list of complicated regulations as it prohibited cryptocurrency usage in 2021.
For the last few years, the Securities and Exchange Commission of the United States has been actively working to chase crypto-focused companies to avoid any disastrous activities in the industry at a mass level.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
