Gemini will soon start the process of buying a crypto license to operate in the UAE
Gemini, a cryptocurrency exchange based in the United States has begun exploring other possibilities amidst the uncertainty of crypto regulation. Founded by cryptocurrency pioneers and identical twins Cameron and Tyler Winklevoss, will “soon” start the process of buying a crypto license to operate in the United Arab Emirates. The team has met stakeholders throughout the region to learn more about local regulatory requirements, as the crypto exchange aims for the “adoption of crypto globally across 20 countries.”
Its push in the UAE comes as the nation is trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.
“By applying for a license, we will be taking another step towards making Gemini a truly global company,” the exchange said in a blog post. It did not say when they expect to start operating in the UAE.
The digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried’s cryptocurrency exchange FTX and companies are looking to expand their global footprint amid escalating tensions between the crypto sector and regulators in the United States.
Since the start of the year, the Securities and Exchange Commission has filed lawsuits against several cryptocurrency exchanges, including Gemini, Binance, Coinbase, Bittrex, Beaxy, and Coinseed, among others.
The crackdown on cryptocurrency exchanges and the debate that all cryptocurrencies are securities leaves an air of uncertainty over the future of crypto in the United States. As a result, several exchange platforms, including Gemini are looking outside the U.S.
A few days back, the crypto exchange chose Dublin as its headquarters of operations in Europe against a background of crypto firms looking to grow outside of the United States.
Gemini’s founders, Cameron, and Tyler Winklevoss, reportedly made a statement about choosing Ireland to advance the company’s European base expansion. The Winklevoss brothers explained why they chose Ireland at a meeting with Prime Minister Leo Varadkar, citing the country’s regulatory framework, talent pool, and technical advancements.
According to a study conducted in August 2022, 10% of Irish citizens polled owned Bitcoin. However, it decreased from 12% during the bull market of 2021. The modification is said to have had little effect on blockchain and fintech businesses, as well as crypto companies like Binance and Kraken, from opening up shop there.
