Gemini Now Seeks To Expand Into The UAE

Key Points:

• Gemini will shortly start the process of obtaining a cryptocurrency license in the UAE.
• The UAE’s quest for the exchange comes as the country strives to strengthen virtual asset legislation in order to attract new company forms as economic rivalry in the Gulf region heats up.

Tyler and Cameron Winklevoss’ Gemini cryptocurrency exchange intends to seek for a digital-asset license in the United Arab Emirates.

Gemini noted rising public excitement for cryptocurrency and productive interactions with UAE officials as reasons for requesting the license in a blog post.

Moreover, Gemini co-CEOs Cameron and Tyler Winklevoss told Zaywa that the decision was motivated by hostility and a lack of clarity around crypto legislation in the United States.

Gemini personnel, according to the official statement, met with stakeholders throughout the UAE to learn more about local regulatory needs. In fact, they investigated the demands of local crypto investors in order to tailor-serve them.

Gemini is aiming for worldwide crypto acceptance in 20 nations. Its drive in the UAE comes as the country attempts to strengthen virtual asset legislation in order to attract new types of business as economic rivalry in the Gulf region heats up.

“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 by making in-person purchases. We also found high intent to purchase crypto among those who were not yet owners,” the report stated.

The Winklevoss twins had not yet determined where to base operations for the exchange in the nation at the time of publishing, implying that the new Gemini headquarters may be constructed in both Abu Dhabi and Dubai.

Gemini just launched a non-US crypto derivatives platform and announced ambitions to expand in Asia in April. The Securities and Exchange Commission has taken legal action against a number of US digital-asset companies. The regulatory pressure has shifted the emphasis to looking for prospects outside of the United States.

Together with the UAE, Hong Kong intends to become a location for crypto firms to lay their roots. These crypto-friendly nations are taking a slew of steps, from relaxing restrictions to allowing up trade.

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Harold

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