Gemini Eyes UAE Expansion Amid US Uncertainty, Crypto.com Gets MPI License in Singapore

Crypto

Gemini Eyes UAE Expansion Amid US Uncertainty, Crypto.com Gets MPI License in Singapore

21 mins ago

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The Winklevoss-led crypto exchange Gemini announced it has started the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE).

As part of its global expansion plans, Gemini revealed engaging with stakeholders throughout the region to learn more about local regulatory requirements and the needs of UAE crypto investors.

In other exchange-related news, Crypto.com said it had acquired a Major Payment Institution license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore (MAS).

Gemini Doubles Down on UAE Presence

The crypto exchanges blog post cited its 2022 Global State of Crypto Report, which found that over 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the US.

Almost 32% of non-owners in the UAE said they are likely to purchase digital assets in the next year. Meanwhile, 33% of crypto users in the UAE make in-person purchases with their tokens at brick-and-mortar retailers, compared to just 19% of owners globally.

“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.”

While speaking with local media, Zawya, during their UAE visit, the co-founders reiterated their frustration over the regulatory climate in the US. Cameron Winklevoss touched upon the lack of clarity and consistency in the US about regulations regarding digital assets and added,

“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 Exchanges Seek Global Expansion

In recent months, Gemini announced plans to set up a new engineering hub in Gurgaon, India. It also launched a non-US derivatives platform last month amidst regulatory headwinds back home. Several other crypto exchanges, including San Francisco-based Coinbase, have also broadened their user base elsewhere in response to the growing crackdown by US regulators.

Elsewhere, Singapore-based cryptocurrency exchange Crypto.com was granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS). The license authorizes Crypto.com to offer its DPT services to customers in the city-state.