Crypto exchange Gemini to soon operate in the United Arab Emirates
While all eyes are on artificial intelligence, it appears crypto is slowly making a comeback. The last indication is Crypto.com and Gemini, as the two exchanges expand their footprints beyond the US market. Earlier today, Crypto.com announced it has received the digital token license in Singapore.
Gemini also said its plans to initiate the procurement of a cryptocurrency license to operate within the United Arab Emirates (UAE). Gemini announced late on Wednesday that it will “soon” start the process of buying a crypto license to operate in the UAE, and the team has met stakeholders throughout the region to learn more about local regulatory requirements, the crypto exchange said late on Wednesday.
The news comes just a few months after Gemini, an exchange founded by cryptocurrency pioneers and identical twins Cameron and Tyler Winklevoss, was charged by the Securities and Exchange Commission (SEC) with allegedly selling unregistered securities in connection with a high-yield product offered to depositors.
In a blog post, Gemini said it is aiming for the “adoption of crypto globally across 20 countries.” Gemini’s decision to expand its operations in the UAE aligns with the nation’s efforts to establish virtual asset regulations, aiming to attract new business opportunities amidst growing economic competition in the Gulf region.
Gemini also expressed its intention to become a truly global company by applying for a license in the UAE. However, the exchange did not specify a timeline for when it expects to commence operations in the country.
“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),” the company said.
Following a series of setbacks in the digital assets industry last year, including the bankruptcy of FTX, led by Sam Bankman-Fried, companies are now seeking to broaden their global presence. This pursuit comes as the crypto sector faces increasing tensions with regulators in the United States.
In addition to its UAE expansion plans, Gemini recently introduced a derivatives platform for trading perpetual futures outside the jurisdiction of the United States.
Founded in 2015 by brothers Cameron and Tyler Winklevoss to build a bridge to the future of money, Gemini’s goal is to build a world-class digital asset exchange and custodian based in the United States. Gemini dubs itself a next-generation cryptocurrency exchange and a platform for buying, selling, storing, and earning cryptocurrencies including bitcoin and ether, and DeFi (Decentralized Finance) tokens. Gemini also allows customers to buy, sell, and store digital assets.