UK on Winklevoss Twins Radar for Gemini Exchange HQ

UK on Winklevoss Twins Radar for Gemini Exchange HQ

The Winklevoss twins express interest in exploring the establishment of a cryptocurrency business in the United Kingdom amidst regulatory obstacles in the United States.

Amidst difficulties in the United States, the Winklevoss twins, founders of the Gemini digital currency exchange, have expressed their intention to explore the establishment of a digital currency business in the United Kingdom. 

Recent discussions with representatives from the Financial Conduct Authority (FCA) and the Bank of England (BOE) indicate their interest in potentially expanding their operations to the U.K.

Growing the business

The Winklevoss twins, founders of the Gemini digital currency exchange, are actively scouting different locations throughout the  United States as they seek potential financing opportunities for their platform.

Expressing their dissatisfaction with the present regulatory environment in the country, the twins cited regulatory obstacles that hinder their operational efficiency.

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Regardless of the rapid international expansion, the Winklevoss twins have stated their commitment to remaining in the United States. 

“Whether we refer to it as a Second headquarters or a worldwide headquarters, we are actively exploring locations such as the United Kingdom to comprehend how we can further expand our assets there.”

Cameron Winklevoss, co- founder Gemini exchange.

With this in mind, the Winklevoss twins are actively seeing as jurisdictions or countries that may offer greater potential for expansion compared to the United States Recognizing the United Kingdom as a promising market, the billionaire cryptocurrency entrepreneurs have openly expressed their intention to make whole lot of assets in the country.

Continued interest

Unfortunately, the U.K.’s approach to digital currency regulation is raising doubts by the Winklevoss twins.

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In February, the United Kingdom took a whole lot of step towards regulating the cryptocurrency industry by introducing its initial set of regulations that would view exchanges like traditional finance ventures.

The notice was followed by a statement from Brian Quintenz, the head of policy at a16z, expressing his support for the United Kingdom’s approach to implementing a “proportionate and focused, agile and flexible” regulatory regime in early May. 

Unfortunately, this was followed by a study commissioned by British lawmakers that likened the industry of digital currency to gambling. They highlighted this for instance of the inconsistent stance taken by the country toward the industry.

Looking at the industry as a whole, uncertain regulations and a lack of clarity can be deterrents for enterprises and investors looking to join the digital currency space, and may have a detrimental effect on growth and development of this sector in the U.K.

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