US-based crypto exchange Gemini announced it seeks a crypto license in the United Arab Emirates, citing “hostility and [a] lack of clarity” on US regulations.
Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, announced on Wednesday that it will “soon” start the process of obtaining a crypto service license for customers in the United Arab Emirates (UAE).
1/ We’re coming to the UAE! ??We’re thrilled to announce that Gemini will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE
— Gemini (@Gemini) June 1, 2023
In a blog post, the exchange said the UAE, as a forward-thinking, global financial hub, is fast establishing itself as a crypto hub. The company said its team has met with stakeholders throughout the region to learn more about local regulatory requirements, further stating that it aims for the “adoption of crypto globally across 20 countries.”
Gemini said:
By applying for a license, we will be taking another step towards making Gemini a truly global company.
It is not yet clear where Gemini’s base operations will be located, but Cointelegraph reports that the exchange has hinted at establishing headquarters in Dubai and Abu Dhabi.
Gemini co-CEOs, the Winklevoss twins, also told media outlet Zaywa that its decision was prompted by “hostility and a lack of clarity” regarding crypto regulations in the US.
The exchange announced last week that it plans to establish its European operations out of Dublin, Ireland.
UAE Residents Have Bought More Crypto Than US ResidentsIn Gemini’s Global State of Crypto Report for 2022, data revealed more than 35% of those surveyed in the UAE purchased crypto, compared to only 20% in the US.
4/As part of Gemini’s 2022 Global State of Crypto Report, we found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases. ?We also found high intent to purchase crypto among those who were not yet ownershttps://t.co/EIB1ji2uBP pic.twitter.com/Ay9pfzkJk4
— Gemini (@Gemini) June 1, 2023
Data further revealed that almost 32% of those in the UAE who do not own crypto are likely to purchase some in the next year. Compared to just 19% of global crypto owners, 33% of holders in the UAE said they plan to use crypto to make in-person purchases at brick-and-mortar retailers.
Gemini Launches Offshore Crypto Derivatives ExchangeGemini has rapidly expanded its offerings by launching Gemini Foundation, an offshore crypto derivatives platform. The platform launched in 30 countries but is not available to US, UK, or European Union users.
Gemini Foundation allows users to begin trading with Bitcoin perpetual contracts denominated in Gemini Dollars (GUSD) and offers 100x leverage.
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