Gemini seeks crypto licence to operate in the UAE, expanding reach across 20 countries


1st June 2023 – (New York) Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced it will begin the process of acquiring a crypto license to operate in the United Arab Emirates (UAE). The exchange has met with stakeholders throughout the region to understand local regulatory requirements. By seeking a license, Gemini is taking another step towards becoming a truly global company and expanding its reach across 20 countries.

The move into the UAE comes as the nation is developing virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region. However, Gemini has not revealed when it plans to start operating in the UAE.

Gemini’s expansion plans are part of its goal to promote the adoption of cryptocurrency worldwide. The digital assets industry is still recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried’s crypto exchange FTX. Companies are looking to expand their global footprint amid escalating tensions between the crypto sector and regulators in the United States.

Gemini is not the only cryptocurrency exchange expanding its global reach. Earlier in May, the exchange launched a derivatives platform for trading perpetual futures outside the U.S. jurisdiction. These moves demonstrate the importance of expanding into new markets to ensure the growth and sustainability of the cryptocurrency industry.

The push into the UAE is a significant milestone for Gemini, as the region is a hub for financial services and has a growing interest in cryptocurrency. The exchange’s move to apply for a crypto license in the UAE is a strategic decision to take advantage of this growingmarket and establish a foothold in the Gulf region.

Gemini’s co-founders, the Winklevoss twins, are known for their early investment in Bitcoin and their legal battles with Facebook’s Mark Zuckerberg. They have since become major players in the cryptocurrency industry and are advocates for its widespread adoption.

In its blog post, Gemini emphasised its commitment to following regulatory requirements in each market it operates in. The exchange has a history of working closely with regulators and has been licensed in several U.S. states. This approach has helped the exchange establish a reputation for compliance and security in the cryptocurrency industry.