Amidst difficulties in the United States, the Winklevoss twins, founders of the Gemini digitalย currency exchange, have expressed their intention to explore the establishment of a digitalย currency business in the United Kingdom.ย
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 digitalย currency exchange, are actively scouting different locations throughout theย Unitedย States as they seek potential financing opportunities for their platform.
Expressing their dissatisfaction with theย present regulatory environment in the country, the twins cited regulatory obstacles that hinder their operational efficiency.
Regardlessย of the rapid international expansion, the Winklevoss twins have stated their commitment to remaining in the United States.ย
โWhether we refer to it as a Second headquarters or a worldwide headquarters, we are actively exploring locations such as the Unitedย Kingdom toย comprehend how we can further expand our assets there.โ
Cameron Winklevoss, co- founder Gemini exchange.
With this in mind, the Winklevoss twins are actively seeingย as jurisdictions or countries that may offer greater potential for expansion compared to the Unitedย States Recognizing the Unitedย Kingdom as a promising market, the billionaire cryptocurrency entrepreneurs have openly expressed their intention to make wholeย lotย of assets in the country.
Continued interest
Unfortunately, the U.K.โs approach to digitalย currency regulation is raising doubts by the Winklevoss twins.
In February, the Unitedย Kingdom took a wholeย lotย 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 Kingdomโs approach to implementing a โproportionate and focused, agile and flexibleโ regulatory regime in early May.ย
Unfortunately, this was followed by a study commissioned by British lawmakers that likened the industry of digitalย currency to gambling. They highlighted this forย 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 toย joinย the digitalย currency space, and may have a detrimental effect on growth and development of this sector in the U.K.
