The renowned crypto exchange Gemini, founded by the Winklevoss twins, has set its sights on conquering the United Arab Emirates (UAE) market.
In an official statement released on May 31, Gemini revealed its plans to obtain a crypto service license that would enable it to cater to UAE customers.
Gemini’s decision to venture into the UAE stems from the growing interest in cryptocurrencies among its citizens and the positive dialogues the company has had with UAE regulators.
In stark contrast to their experiences in the United States, where they encountered “hostility and a lack of clarity” regarding crypto regulations, the Winklevoss twins expressed their enthusiasm for the discussions they’ve had with UAE regulators.
While Gemini has yet to finalize the location of its operations in the UAE, it appears that the company is considering establishing its headquarters in both Abu Dhabi and Dubai, showcasing its commitment to serving the entire country.
Gemini’s move comes as no surprise, given the remarkable statistics revealed in their Global State of Crypto Report.
The report highlighted that over 35% of respondents in the UAE had already invested in cryptocurrencies, surpassing the 20% figure recorded in the United States.
Moreover, an impressive 32% of non-owners in the UAE expressed their intention to enter the crypto market within the next year.
What sets the UAE apart is the strong inclination of crypto holders to utilize their digital assets for in-person purchases at physical stores. While only 19% of global crypto owners use their digital currencies for brick-and-mortar transactions, an impressive 33% of UAE crypto holders plan to do so.
Gemini’s expansion into the UAE signifies a significant step forward for the company and demonstrates its commitment to providing accessible and secure crypto services to a diverse range of global customers.
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