Gemini Exchange to obtain license to operate in UAE

Gemini, a global cryptocurrency exchange announced There are plans to obtain a cryptocurrency license in the United Arab Emirates (UAE) to expand its services. Capitalizing on the UAE’s status 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 by meeting local regulatory requirements and understanding the needs of UAE crypto investors, according to the announcement.

Gemini’s decision to apply for a license comes as a result of the findings of the 2022 Global State of Crypto report. The report notes a significant increase in cryptocurrency adoption among individuals in the UAE, with many using it for in-person purchases. Additionally, the study indicated a strong intent among non-owners to enter the cryptocurrency space.

Speaking about the app, the Gemini leadership expressed its vision to provide a safe, secure and user-friendly platform for customers in the UAE and beyond. The company said it looks forward to serving 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 defrauded Gemini customers regarding Gemini Earn. Earlier, Gemini was sued by the CFTC for “misleading the regulator in negotiations regarding the launch of bitcoin futures contracts”.

Gemini’s move to the UAE highlights the country’s emerging status as a bitcoin hub. Furthermore, it highlights the continued flight of major exchanges from the US as a result of tighter regulations. In early May, Coinbase introduced its new international exchange arm called Coinbase International, in which the company said that “countries around the world are strategically positioning themselves as crypto hubs with increasingly responsible crypto-forward regulatory frameworks.” Moving on to.”