Gemini Plans Expansion in UAE Amid U.S. Uncertainty, Crypto.com Receives MPI License in Singapore

Gemini Plans Expansion in UAE Amid U.S. Uncertainty, Crypto.com Receives MPI License in Singapore

Winklevoss-led crypto exchange Gemini announced that it has begun 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 announced that it is working with stakeholders across the region to learn more about local regulatory requirements and the needs of crypto investors in the UAE.

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

Gemini is increasing its presence in the UAE

The crypto exchange's blog post cited its Global State of Crypto Report 2022, which found that over 35% of respondents in the UAE had purchased crypto, compared to just 20% of those in the US.

Nearly 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 personal purchases with their tokens at brick-and-mortar retailers, compared to just 19% of holders globally.

"Our application is our first step towards providing customers in the UAE and beyond a secure and easy-to-use platform for dealing with crypto. Amazing things await you."

During their visit to the UAE, the co-founders spoke to local media Zawya and reiterated their frustration with the regulatory climate in the US. Cameron Winklevoss addressed the lack of clarity and consistency in the US regarding digital asset regulations, adding:

"It's actually very hostile to crypto companies. It's not going to be possible to continue building and innovating. There's a lot of headwinds. It's just hard to get things done in the US."

Crypto exchanges are aiming for global expansion

In recent months, Gemini announced plans to establish a new engineering center in Gurgaon, India. Last month, the company also launched a non-U.S. derivatives platform amid regulatory headwinds at home. Several other crypto exchanges, including San Francisco-based Coinbase, have expanded their user bases elsewhere in response to the increasing crackdown by U.S. regulators.

Singapore-based cryptocurrency exchange Crypto.com has been 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.

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