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Gemini Pursues UAE Expansion Amid US Regulatory Uncertainty; Crypto.com Secures Singapore MPI License
The Winklevoss-led cryptocurrency exchange Gemini has initiated the process of obtaining a crypto license to serve customers in the United Arab Emirates (UAE).
As part of its global expansion strategy, Gemini announced it is engaging with regional stakeholders to better understand local regulatory requirements and the needs of UAE-based crypto investors.
Gemini Strengthens UAE Presence
In a blog post, the exchange cited its 2022 Global State of Crypto Report, which revealed that over 35% of respondents in the UAE had purchased cryptocurrency, compared to just 20% in the US.
Additionally, nearly 32% of non-crypto owners in the UAE indicated they are likely to buy digital assets within the next year. The report also noted that 33% of crypto users in the UAE use their tokens for in-person purchases at physical retailers, significantly higher than the global average of 19%.
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“Our application is our first step towards providing customers in the UAE and beyond with a safe, secure, and easy-to-use platform to engage with crypto. Amazing awaits.”
Speaking to local media outlet Zawya during a visit to the UAE, the co-founders expressed frustration with the regulatory environment in the US. Cameron Winklevoss highlighted the lack of clarity and consistency in US digital asset regulations, stating:
“It is actually very hostile to crypto companies. To keep building, innovating, is not going to be happening. There is a lot of headwinds. It is just hard to get things done in the US.”
Exchanges Expand Globally
Recently, Gemini announced plans to establish a new engineering hub in Gurgaon, India, and launched a non-US derivatives platform last month to navigate domestic regulatory challenges. Other exchanges, including San Francisco-based Coinbase, have also expanded their user bases internationally in response to increased scrutiny from US regulators.
Meanwhile, Singapore-based exchange Crypto.com was granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS). This license authorizes Crypto.com to offer its DPT services to customers in Singapore.
