Gemini seeks license in UAE after expanding in Europe.
The cryptocurrency exchange Gemini has announced its intention to obtain a license in the United Arab Emirates (UAE) to take advantage of the growing interest in digital assets in the region. The move is consistent with the company’s commitment to meeting the changing needs of investors and its plans to strengthen its position in the global cryptocurrency market.
In a blog post published on May 31, the American-based exchange, owned by billionaire twins Cameron and Tyler Winklevoss, said it would soon begin the application process. If approved, the company would join other exchanges, such as Binance, Huobi Global, CryptoCom, Kraken, and Bybit, which have already received approval from the appropriate authorities to offer their services legally in the 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
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— Gemini (@Gemini) June 1, 2023
US Regulatory Uncertainties Drive Gemini to Pursue License in UAE
Gemini cited the growing interest in virtual assets as one of the driving forces behind its decision to expand its regional operations. In addition, the company also highlighted its fruitful discussions with financial regulatory bodies as part of its reasons. The company’s co-founder and CEO, Tyler Winklevoss, told local news media, The National, that the regulatory uncertainties in America also partly influenced the decision to pursue a license in UAE.
The exchange said it has met with market watchdogs in UAE to learn more about their regulatory requirements and how to better service its customers in the region.
“This week, as the second leg of Gemini’s global odyssey tour, we have met with stakeholders throughout the region to learn more about local regulatory requirements and the needs of UAE crypto investors so that we can better serve this rapidly growing and vibrant crypto community,” Gemini said.
The latest expansion plans come after the exchange received authorization from the Republic of Ireland to offer its products and services in the country. The firm also intends to open a European headquarters in Dublin.
UAE Open to Accept License Applications
Gemini’s plan to acquire an operating license in the UAE follows a recent announcement from the federal securities regulator. In April, the Securities and Commodities Authority (SCA) revealed that it had started accepting applications from companies seeking authorization from the government to operate in the region.
The UAE requires all corporate entities wishing to provide digital asset services to residents in the area to pass through the SCA for licensing.
The new rule is part of a regulatory framework established by the UAE Council Ministers last December in an attempt to regulate the use of crypto assets as well as those providing such services to people.
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