Gemini has set its sights on obtaining a crypto service license in the United Arab Emirates (UAE), signaling its commitment to expanding its services in the region.
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
— Gemini (@Gemini) June 1, 2023
Gemini announced its decision in a blog post published on May 31, 2023. The crypto exchange stated that its intention to pursue licensing is in response to the growing public interest in cryptocurrencies and its positive interactions with UAE officials.
Cameron and Tyler Winklevoss, the co-CEOs of Gemini, explained that their decision was motivated by the perceived “hostility and lack of clarity” surrounding cryptocurrency regulations in the United States. They highlighted the progressive stance of UAE regulators and expressed optimism about the ongoing discussions, emphasizing the goal of establishing the UAE as a cryptocurrency industry hub.
While the exact location for Gemini’s operations in the UAE has not been announced, the Winklevoss twins mentioned Abu Dhabi and Dubai as potential headquarters.
According to Gemini’s Global State of Crypto Report, cryptocurrency adoption in the UAE is substantial. The report revealed that over 35% of surveyed individuals in the UAE have purchased cryptocurrencies, surpassing the figure of 20% recorded in the United States. Furthermore, it indicates that nearly 32% of non-owners in the UAE plan to invest in cryptocurrencies within the next year, exceeding the global average of 19%.
The report also highlighted the desire of cryptocurrency owners in the UAE to use their digital assets for in-person purchases at physical stores. Approximately 33% of cryptocurrency owners in the UAE expressed this desire, surpassing the global average of 19%.
In another development, the Central Bank of the United Arab Emirates (CBUAE) has released new regulations targeting financial institutions engaged in transactions involving virtual assets, including cryptocurrencies and non-fungible tokens (NFTs). These regulations focus on anti-money laundering and counter-terrorism financing; they require regulated financial institutions to exercise due diligence when dealing with clients and counterparties involved in virtual asset transactions. The guidelines were officially published on May 31, 2023.
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