Gemini Exchange To Acquire License To Operate In United Arab Emirates

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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.”



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