Crypto Exchange Gemini Seeking for a License to Operate in UAE
A blog post shared by Gemini on Tuesday revealed that the crypto exchange is seeking to expand to the United Arab Emirates (UAE). The post confirmed that the crypto exchange plans to meet the regulatory requirement to acquire the virtual asset service provider permit in UAE.
The Gemini team stated that the crypto exchange plans to provide users endless opportunities to support their financial and personal endeavors. Additionally, the Gemini teams mentioned that by observing the licensing requirements it aligns with the company’s mission of becoming a global company.
Gemini to Expand to UAE
Under the new licensing regime in the UAE, the final regulatory approval allows the business to provide crypto-related products and services in the region. A few days ago, the crypto exchange engaged in advanced talks with the UAE’s key stakeholders as part of Gemini’s global expansion efforts.
During the business trip, the Gemini team assessed the niche in the UAE crypto market to identify the viable opportunities to explore. Also, the Gemini group consulted the UAE regulatory agencies on crucial information regarding crypto regulation in the region.
In a previous statement, the Gemini team confirmed that the Middle East region has a thriving intenational financial hub. They argued that the UAE member countries retained the traditional leadership style to support the region’s becoming a world-class crypto center.
Will Gemini be Granted UAE License?
A news agency, The National, reported that the Winklevoss twins would soon update on where the UAE office would be based. The announcement of Gemini’s expansion to UAE came when the crypto exchange plans to establish its European headquarters in the Republic of Ireland.
Speaking at an event in Dublin, the founders of Gemini Winklevoss twins mentioned the ongoing regulatory clampdown in the US compelled the firm to seek new opportunities overseas. The Winklevoss brothers confirmed that they are seeking friendly jurisdictions to operate in.
In an interview with the Zaywa newsroom, the Winklevoss twins explained that the US’ hostile crypto environment and lack of regulatory clarity challenged the firm to pursue a new market.
Before Gemini’s last night post, the crypto exchange had conducted a study in 2022 dubbed “Global State of Crypto Report.” The study examined crypto adoption in around 20 countries.
Crypto Adoption in UAE
The Gemini team observed that roughly 35% of the participants residing in the UAE had bought and sold cryptos. The remaining 32% of the respondents were unfamiliar with cryptos and owned no virtual assets.
Moreover, the Gemini group noted that a third of the UAE participants utilized cryptos to make payments in the brick-and-mortar retail sector. The study indicated that UAE crypto payments were increasing while the number of crypto owners jumped to 19% globally in 2022.
Based on the 2022 study, the Gemini team noted that the UAE crypto sector was at its pivotal point to blossom. This has motivated Gemini to invest in expanding in the Middle East to join the burgeoning crypto industry.
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