Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is considering the UAE as a potential hub for its operations while facing regulatory challenges in several markets.
According to reports, they intend to apply for a virtual asset license in the UAE. But the exact location for its headquarters in the Emirates has not yet been chosen.
Gemini Crypto Exchange: Abu Dhabi or Dubai Could Be New Home Base
In an interview with The National News, Cameron and Tyler Winklevoss, owners of the Gemini crypto exchange, expressed optimism regarding the regulatory environment in the UAE.
They mentioned the country’s initiatives to establish itself as a center for the cryptocurrency industry while establishing rules to safeguard consumers and promote innovation.
The UAE has become a major global hub for virtual assets in recent years. Additionally, Gemini must choose whether Abu Dhabi, Dubai, or both would serve as the platform’s base headquarters.
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According to plans released this week, the Central Bank of the United Arab Emirates is enhancing cooperation with the Hong Kong Monetary Authority. The two regions have said they want to strengthen financial ties between the markets. Virtual asset regulations are one of the possible frameworks to promote cross-border transaction settlement.
Expanding Despite Regulatory Troubles
The Securities and Exchange Commission (SEC) has filed a complaint against the cryptocurrency exchange, and Gemini has responded with a move to dismiss the case. The SEC accused Gemini and its partner Genesis of selling unregistered securities through the Gemini Earn program.
In the Philippines, the platform also has regulatory issues and might face harsh penalties, including criminal prosecution.
Gemini has been charged with operating without the required authority and offering securities through its derivatives exchange without registration by the Philippines’ Securities and Exchange Commission.
However, that hasn’t deterred Gemini from expanding into Asian markets. Gemini announced its expansion into India in April by opening a new office in the city of Gurgaon. The exchange was largely based in the U.S.-based before this, but its pivot to other markets is now evident.
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