To service consumers with addresses in the Emirates, Gemini is applying for a UAE license.Crypto.com Receives an MPI License in Singapore
Gemini, a cryptocurrency exchange led by the Winklevoss twins, has commenced the process of acquiring a crypto license to service customers in the United Arab Emirates (UAE).
As part of its global expansion plans, Gemini disclosed engaging with regional stakeholders to learn more about local regulatory requirements and the demands of United Arab Emirates crypto investors.
In other exchange-related news, Crypto.com announced that it had acquired a Major Payment Institution license from the Monetary Authority of Singapore (MAS) for Digital Payment Token (DPT) services.
Gemini Strengthens UAE Presence
In its blog post, the cryptocurrency exchanges cited its 2022 Global State of Crypto Report, which found that over 35% of those surveyed in the United Arab Emirates had purchased cryptocurrency, compared to only 20% in the United States.
Nearly 32% of non-owners in the UAE indicated they intend to acquire digital assets within the following year. 33% of crypto users in the UAE use their tokens to make in-person purchases at brick-and-mortar retailers, compared to just 19% of proprietors globally.
During their visit to the UAE, while conversing with local media, Zawya, the co-founders expressed their frustration with the regulatory climate in the United States. Cameron Winklevoss referred to the absence of clarification and uniformity in U.S. regulations governing digital assets and added:
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. 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.
Crypto Market Aim For Global Expansion
Gemini has announced intentions to establish a new engineering hub in Gurgaon, India, in recent months. Last month, it also launched a non-U.S. derivatives platform despite regulatory headwinds at home. In response to the intensifying assault by US regulators, several other cryptocurrency exchanges, including Coinbase of San Francisco, have expanded their user bases abroad.
The Monetary Authority of Singapore (MAS) has granted Crypto.com a Major Payment Institution (MPI) license for Digital Payment Tokens (DPT) services. Crypto.com is based in Singapore. The license permits Crypto.com to offer its DPT services to city-state residents.
