Gemini eyes crypto licence in UAE

The exchange has plans to be a 'truly global company' after recent moves to expand its business.

Crypto exchange Gemini is looking at the possibility of obtaining a crypto licence allowing it to operate in the United Arab Emirates (UAE).

The exchange has met stakeholders throughout the region to learn more about local regulatory requirements.

Gemini, founded by twins Cameron and Tyler Winklevoss is looking to expand its offering over the globe after announcing that they would be opening its European Union headquarters in Dublin.

The exchange said in a blog post: “By applying for a licence, we will be taking another step towards making Gemini a truly global company.”

CEO Tyler Winklevoss said: “We've been super encouraged with our conversations here with the regulators.

“There's an effort to make the UAE a home and a hub for crypto and, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate.”

Brian Armstrong, CEO of crypto exchange Coinbase recently praised the UAE as a destination for crypto, saying it was a “forward thinking” nation.

Armstrong also commended the UAE for being the first country to establish a dedicated crypto regulator and for having clear rules and strong customer protections.

According to a survey done by Gemini’s Global State of Crypto Report, more than 35% of those surveyed in the UAE had purchased crypto, 15% more than those surveyed in the US.

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Written by Edward Pearcey

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