Famous for their involvement in the creation of Facebook and for their success in the cryptocurrency world, The Winklevoss brothers are now looking to expand into the United Arab Emirates (UAE). After expressing their frustration at the hostility and lack of clarity in US regulations, the brothers have announced their intention to apply for a crypto-currency license in the UAE, according to Zawya and Cryptopolitan.
Who are the Winklevoss brothers?
Cameron and Tyler Winklevoss are American entrepreneurs known for their role in the creation of Facebook, as well as for their success as leading investors in the crypto sector. Their involvement in cryptocurrency crystallized with the creation of Gemini, their own cryptocurrency exchange platform, which has enjoyed great success since its launch in 2015.
Why did the Winklevossles brothers choose the UAE?
Despite their success in the United States, the Winklevoss brothers have expressed frustration with the country’s regulations, which they consider hostile and lacking in clarity. They see the UAE as an opportunity to develop their business in a more cryptocurrency-friendly environment. Indeed, the UAE is renowned for its progressive and open approach to financial technology, including cryptocurrency. Obtaining a license in the UAE would enable the Gemini platform to expand in a fast-growing market and continue to build its international reputation.
Indeed, the Winklevoss brothers have expressed their enthusiasm for this expansion opportunity, expressing confidence in the UAE market’s potential and their commitment to complying with local regulations.
A turning point for cryptocurrency in the UAE?
Gemini’s potential arrival in the UAE could mark a significant turning point for the cryptocurrency market in the region. With a leading cryptocurrency exchange platform like Gemini establishing a local presence, the UAE could well position itself as a major hub for cryptocurrency, attracting other companies in the sector and stimulating cryptocurrency adoption among the local population.
All in all, the Winklevoss brothers’ interest in the UAE demonstrates not only their ambition to develop Gemini on a global scale, but also the region’s potential as a hub for financial technology and cryptocurrency.