The Winklevoss twins-owned crypto exchange Gemini announced that it will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE).
The firm said that by applying for a license, it will be taking another step towards making Gemini a truly global company.
Gemini has been meeting with stakeholders throughout the region to learn more about local regulatory requirements and the needs of UAE crypto investors.
Its Global State of Crypto Report 2022 found that more than 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the U.S. The report also revealed the high intent to purchase crypto among those who were not yet owners.
According to Gemini, these findings coupled with its team’s enthusiastic conversations with regulatory stakeholders, startups, and other ecosystem participants, has further cemented its interest in investing in the UAE and becoming a part of its crypto community.
The company’s planned pivot to the UAE comes at a time when Gemini has been facing regulatory issues including a lawsuit from the U.S. Securities and Exchange Commission (SEC) over the alleged sale of unregistered securities.
Featured image credit: Edited from freepik.
No Comments so far
Jump into a conversationNo Comments Yet!
You can be the one to start a conversation.