Gemini, a global cryptocurrency exchange, has announce It plans to obtain a cryptocurrency license in the UAE in a move to expand its services. Describing the UAE’s status as a forward-looking financial hub, Gemini aims to capitalize on the growing market in the country. The company is committed to becoming a global entity, according to the announcement, by meeting local regulatory requirements and understanding the needs of Emirati crypto investors.
Gemini’s decision to apply for a license is a result of its findings in the State of the Global Crypto Report 2022. The report revealed a significant increase in cryptocurrency adoption among individuals in the UAE, with many using it for personal purchases. In addition, the study indicated that there is a strong intention among non-owners to enter the cryptocurrency space.
Speaking about the application, Gemini leadership expressed its vision of providing a safe, secure and easy-to-use platform for customers in the UAE and abroad. The company stated that it is keen to serve the fast growing and vibrant cryptocurrency 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 defrauded Gemini customers in connection with the Gemini Earn. Prior to this, Gemini was sued by the CFTC for “misleading the regulator in talks related to the launch of Bitcoin futures.”
Gemini’s move to the UAE highlights the emerging country’s status as a bitcoin hub. Additionally, it highlights the continued flight of major exchanges from the US as a result of the tightening of regulations. At the beginning of May, Coinbase introduced its new international exchange arm called Coinbase International, with the company stating that “countries around the world are increasingly moving forward with responsible crypto regulatory frameworks to strategically position themselves as digital currency hubs.”