Gemini Eyes Expansion in UAE, Crypto.com Gets Singapore License

Summary

• Gemini is seeking a UAE licence to serve customers based in the Emirates.
• The Winklevoss-led crypto exchange Gemini has started the process of acquiring a crypto license to serve customers in the United Arab Emirates (UAE).
• 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 Seeks License in UAE

The Winklevoss-led crypto exchange Gemini announced that 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. The co-founders Tyler and Cameron Winklevoss were quoted as saying that “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”.

Survey Results Show Demand for Crypto In UAE

Gemini’s 2022 Global State of Crypto Report found that over 35% of those surveyed in the UAE had purchased cryptocurrency 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 within next year. Meanwhile, 33% of crypto users in the UAE make payments at brick-and-mortar retailers using their tokens compared to just 19% globally. These figures suggest there is high demand for cryptocurrencies among people living or visiting Dubai or other parts of this country making it an attractive market for Gemini’s expansion plans.

Crypto.com Gets MPI License In Singapore

In other exchange-related news, Crypto.com said it had acquired a Major Payment Institution license for Digital Payment Token (DPT) services from Monetary Authority Singapore (MAS). This will enable them offer payment services such as money transfers, prepaid cards issuance etc., all powered by cryptocurrencies like Bitcoin and Etherum on their platform. The MAS vice president Sopnendu Mohanty was quoted as saying “We look forward to working closely with Crypto.com on its journey towards building an inclusive financial system.“

Conclusion

The news from both Gemini and Crypto .com shows that there is growing demand for cryptocurrency related products around world which could be due increasing awareness .of blockchain technology or more relaxed attitude toward cryptocurrencies by governments . With two major players now entering markets like UEA , we can expect more competition offering better prices & features which could benefit wider public .