UpdatesJun 03, 2023

Cryptocurrency platform Gemini is applying for a license in the UAE

The well-known American digital currency exchange founded by the Winklevoss brothers is moving to foreign markets.

The popular American digital currency platform headed by Cameron and Tyler Winklevoss is currently applying for a license to operate its crypto asset-oriented business in the Arab Middle Eastern country. All this happened against the backdrop of significant hostility from US regulators to digital currencies, as well as a lack of regulatory clarity in the US.

Gemini is intensively applying for a license in the UAE

The cryptocurrency platform owned by the Winklevoss brothers recently announced that it is in the process of applying for a license to provide cryptocurrency services to customers in the United Arab Emirates. This information came to light on May 31 this year. American entrepreneurs who are the creators of Gemini appreciate the UAE because of the exceptionally clear legal provisions in the field of digital currencies provided by the local regulatory environment.

One of the twins, Tyler Winklevoss, told the public that as a representative of Gemini, along with several other people associated with this exchange, he had the pleasure of talking to UAE regulators. These discussions strongly encouraged his company and the people who controlled it to turn their attention towards this country.

It is no secret that the United Arab Emirates has been intensively trying to use the potential of new technologies for some time, and digital currencies are no exception. For this reason, many analysts believe that UAE can become one of the main cryptocurrency centers in the world. It is worth noting that the country attaches great importance to becoming a global leader in this industry, and for this purpose, appropriate regulations are important to protect both cryptocurrency consumers and strengthen the ability of companies to innovate.

Both founders of Gemini recently hinted that their platform will most likely get a new headquarters in the UAE. The Americans said they were considering whether to choose Abu Dhabi or Dubai for this purpose.

The hostile attitude of US officials to digital currencies

US regulators continue to take a relatively negative view of digital currency companies, and it is clear that this position has intensified recently after a series of bankruptcies of cryptocurrency companies in 2022. These bankruptcies deprived many investors of very significant sums of money.

Throughout 2023, the U.S. Securities and Exchange Commission (SEC) launched a series of lawsuits in which it repeatedly accused some exchanges of selling unregistered securities in the form of crypto assets. In the opinion of the SEC chairman, only Bitcoin (BTC) can be objectively and legally considered a commodity. Finally, it is worth adding that the vast majority of enthusiasts of the digital currency sector do not agree with this opinion.