Setting their sights on a horizon sprinkled with gold, the Winklevoss twins have thrown their crypto hat into the UAE’s ring. Their cryptocurrency exchange, Gemini, has announced the beginning of its quest for a UAE crypto service license.
The May 31 announcement came as a result of increased crypto-enthusiasm among the UAE populace and promising regulatory discussions. The Winklevoss brothers, the dynamic duo at the helm of Gemini, pointed out an intriguing contrast between the “hostility and lack of clarity” on crypto regulation in the US and the warm, engaging discourse they had with the UAE regulators.
Their conversations with UAE authorities have left the twins brimming with positivity. “There’s a palpable effort in the UAE to embrace the crypto world, provide it a home, a hub, and above all, thoughtful regulation that balances consumer protection with the ability of companies to innovate,” said Gemini CEO Tyler Winklevoss, in a chat with The National, an Abu Dhabi-based news outlet.
Though the twins are yet to confirm their operations base in the UAE, rumors abound that Abu Dhabi and Dubai might both serve as launchpads for Gemini’s Middle Eastern journey.
Gemini’s Global State of Crypto Report reveals an exciting statistic: over 35% of UAE respondents have already dipped their toes into the crypto pool, in contrast to a paltry 20% in the US. It appears the UAE’s crypto momentum is only set to accelerate, with 32% of non-owners likely to buy in the coming year and 33% of current holders planning to use crypto for brick-and-mortar shopping.