Gemini, a global cryptocurrency exchange, has announced its plans to acquire a cryptocurrency license in the United Arab Emirates (UAE) in a move 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 comes as a result of its findings from the 2022 Global State of Crypto Report. The report revealed 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 intention among non-owners to enter the cryptocurrency space.
Speaking about the application, Gemini leadership expressed their vision of providing a safe, secure, and user-friendly platform for customers in the UAE and beyond. The company stated that it is eager 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 defrauded Gemini customers in relation to Gemini Earn. Prior to that, Gemini was sued by the CFTC for “misleading the regulator in conversations concerning the launch of bitcoin futures contracts.”
Gemini's move into the UAE highlights the country's emerging status as a bitcoin hub. In addition, it highlights the continued flight of major exchanges out of the U.S. as a result of tightening 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-forward regulatory frameworks to strategically position themselves as crypto hubs.”