Crypto Exchange Gemini Seeks UAE License

Crypto Exchange Gemini Seeks UAE License

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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).

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 Residents

In 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.

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 Exchange

Gemini 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.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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