New Delhi: Gemini, a prominent cryptocurrency exchange, has announced its intention to expand its operations to the United Arab Emirates (UAE). The company, founded by Cameron and Tyler Winklevoss, aims to promote the global adoption of cryptocurrencies across 20 countries. Gemini’s move into the UAE comes as the nation strives to establish regulatory frameworks for virtual assets in an effort to attract new business opportunities amidst growing economic competition in the Gulf region.
In a recent blog post, Gemini revealed its plans to apply for a crypto license in the UAE. The exchange has actively engaged with stakeholders throughout the region to gain insights into the local regulatory requirements. By seeking a license, Gemini aims to further establish itself as a truly global company, expanding its reach and services to a wider audience. However, no specific timeline for the commencement of operations in the UAE has been provided thus far.
The digital assets industry experienced significant challenges in the past year, with notable incidents such as the bankruptcy of Sam Bankman-Fried’s FTX crypto exchange. These incidents have prompted companies in the sector to reassess their strategies and seek opportunities for growth on a global scale. As tensions between the cryptocurrency sector and regulators in the United States continue to rise, companies like Gemini are increasingly exploring options to expand their presence beyond U.S. jurisdiction.
In addition to its plans for the UAE, Gemini recently launched a derivatives platform for trading perpetual futures outside the jurisdiction of the United States. This move demonstrates the exchange’s commitment to diversifying its offerings and catering to the needs of international users.
As Gemini prepares to enter the UAE market, its expansion serves as a testament to the growing influence of cryptocurrencies and the interest they have generated worldwide. By adhering to local regulatory requirements and fostering collaboration with stakeholders, Gemini aims to navigate the evolving landscape of digital assets and contribute to developing the cryptocurrency ecosystem in the UAE and beyond.
