Amidst difficulties in the United States, the Winklevoss twins, founders of the Gemini cryptocurrency exchange, have expressed their intention to explore the establishment of a cryptocurrency 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 cryptocurrency exchange, are actively scouting different locations throughout the United States as they seek potential investment opportunities for their platform.
Expressing their dissatisfaction with the current regulatory environment in the country, the twins cited regulatory obstacles that hinder their operational efficiency.
Despite 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 global headquarters, we are actively exploring locations such as the UK to understand how we can further expand our investments there.”
Cameron Winklevoss, co-founder Gemini exchange.
With this in mind, the Winklevoss twins are actively considering jurisdictions or countries that may offer greater potential for expansion compared to the U.S. Recognizing the U.K. as a promising market, the billionaire crypto entrepreneurs have openly expressed their intention to make significant investments in the country.
Unfortunately, the U.K.’s approach to cryptocurrency regulation is raising doubts by the Winklevoss twins.
In February, the United Kingdom took a significant step towards regulating the crypto industry by introducing its initial set of rules that would view exchanges like traditional finance ventures.
The announcement 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 cryptocurrency industry to gambling. They highlighted this as an illustration 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 businesses and investors looking to participate in the cryptocurrency space, and may have a detrimental effect on growth and development of this sector in the U.K.