In short: Gemini, led by the Winklevoss twins, is seeking a crypto license to serve customers in the UAE. As part of its global expansion plans, the exchange has been engaging with local stakeholders to assess regulatory requirements and meet the needs of UAE crypto investors. Meanwhile, Crypto.com has obtained a Major Payment Institution license for Digital Payment Token services in Singapore, authorizing the firm to offer its DPT services to customers in the city-state.
Our quick analysis:
Gemini, the crypto exchange founded by the Winklevoss twins, is making a bold move by applying for a crypto license to serve customers based in the United Arab Emirates (UAE). In its quest for global expansion, it is engaging with local stakeholders to learn more about UAE regulatory requirements and the needs of crypto investors in the region.
According to Gemini's 2022 Global State of Crypto Report, over 35% of those surveyed in the UAE have purchased crypto compared to only 20% in the US. This represents a significant opportunity for Gemini to leverage its platform's safe, secure, and easy-to-use features for UAE customers.
In its bid for global expansion, Gemini has been facing regulatory headwinds back home in the US. The Winklevoss twins have been quite vocal in expressing their frustration with the lack of clarity and consistency in US regulations regarding digital assets. They have underscored the hostile environment that crypto companies face in the US and the challenges of innovating and building there.
Gemini isn't the only crypto exchange seeking global expansion. Crypto.com, a Singapore-based cryptocurrency exchange, has received a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). The license will allow Crypto.com to offer its DPT services to customers in the city-state.
The global expansion of crypto exchanges is a strategic move to reach new audiences and bypass regulatory crackdowns in their home countries. While the Winklevoss twins continue to face regulatory headwinds in the US, they are optimistic about the growth opportunities in the UAE and beyond. Gemini and Crypto.com are betting that their secure platforms will appeal to crypto customers worldwide. As they say, amazing awaits.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Gemini, the crypto exchange founded by the Winklevoss twins, is making a bold move by applying for a crypto license to serve customers based in the United Arab Emirates (UAE). In its quest for global expansion, it is engaging with local stakeholders to learn more about UAE regulatory requirements and the needs of crypto investors in the region.
According to Gemini's 2022 Global State of Crypto Report, over 35% of those surveyed in the UAE have purchased crypto compared to only 20% in the US. This represents a significant opportunity for Gemini to leverage its platform's safe, secure, and easy-to-use features for UAE customers.
In its bid for global expansion, Gemini has been facing regulatory headwinds back home in the US. The Winklevoss twins have been quite vocal in expressing their frustration with the lack of clarity and consistency in US regulations regarding digital assets. They have underscored the hostile environment that crypto companies face in the US and the challenges of innovating and building there.
Gemini isn't the only crypto exchange seeking global expansion. Crypto.com, a Singapore-based cryptocurrency exchange, has received a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS). The license will allow Crypto.com to offer its DPT services to customers in the city-state.
The global expansion of crypto exchanges is a strategic move to reach new audiences and bypass regulatory crackdowns in their home countries. While the Winklevoss twins continue to face regulatory headwinds in the US, they are optimistic about the growth opportunities in the UAE and beyond. Gemini and Crypto.com are betting that their secure platforms will appeal to crypto customers worldwide. As they say, amazing awaits.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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