Gemini, a global cryptocurrency exchange, has Office has partnered his plans to obtain a cryptocurrency license in the United Arab Emirates (UAE) as a step to expand its services. Describing the UAE’s position as a forward-thinking financial hub, Gemini aims to tap into the country’s growing market. The company is committed to becoming a global entity, according to the announcement, by meeting local regulatory requirements and understanding the needs of UAE crypto investors.
Gemini’s decision to apply for a license stems from its findings from the 2022 Global State of Crypto Report. The report reveals a significant increase in cryptocurrency adoption among individuals in the UAE, with many using it for in-person purchases. In addition, the study shows a strong intention of non-owners to enter the cryptocurrency space.
Talking about the application, the leadership of Gemini expressed their vision to provide a safe, secure, and welcoming platform for customers in the UAE and beyond. The company says it is excited to serve the rapidly growing and vibrant crypto community in the region.
In January, Gemini co-founder Cameron Winklevoss wrote a letter to its parent company Digital Currency Group (DCG) alleging that DCG was defrauding Gemini customers regarding Gemini Earn. Before that, Gemini was sued by the CFTC for “misleading the regulator in conversations about the launch of bitcoin futures contracts.”
Gemini’s move to the UAE highlights the country’s growing status as a bitcoin hub. Additionally, it highlighted the continued flight of major exchanges from the US as a result of tightening regulations. At the beginning of May, Coinbase introduced its new international exchange arm called Coinbase International, with the company saying that “countries around the world are increasingly developing with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs.”
