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Gemini Explores UAE as Crypto Hub, Plans to Apply for Virtual Asset License

2 mins
Updated by Kyle Baird
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In Brief

  • Gemini founders Cameron and Tyler Winklevoss are considering the UAE as a potential hub for their crypto exchange.
  • The Winklevoss twins are optimistic about the UAE's regulatory environment,
  • The platform is also facing regulatory challenges in the Philippines and the U.S. markets while expanding into newer regions.
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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.

If you want to learn more about the best exchanges to trade crypto at spot prices, read our guide here!

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. 

Meanwhile, IDA Ireland has revealed that Gemini has selected Dublin as its European headquarters. The platform hasn’t, however, had an easy go at market expansion. 

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.  

Top crypto platforms in the US | February 2024

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.
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