• US-based crypto exchange Gemini announced it seeks a crypto license in the United Arab Emirates citing “hostility and [a] lack of clarity” on US regulations.
• Data revealed that more than 35% of those surveyed in the UAE purchased crypto, compared to only 20% in the US.
• Gemini has rapidly expanded its services, recently launching an offshore crypto derivatives exchange.
Gemini Seeks Crypto Exchange License in U.A.E.
US-based crypto exchange Gemini announced it seeks a crypto license in the United Arab Emirates (UAE), citing “hostility and [a] lack of clarity” on US regulations. The company said its team has met with stakeholders throughout the region to learn more about local regulatory requirements, aiming for the “adoption of crypto globally across 20 countries.” It is not yet clear where Gemini’s base operations will be located, but Cointelegraph reports that the exchange has hinted at establishing headquarters in Dubai and Abu Dhabi.
High Crypto Adoption Rates among UAE Residents
Gemini’s Global State of Crypto Report for 2022 showed data revealing more than 35% of those surveyed in the UAE purchased crypto, compared to only 20% in the US. Data further revealed that almost 32% of those in the UAE who do not own crypto are likely to purchase some in the next year. Compared to just 19% of global crypto owners, 33% of holders in the UAE said they plan to use crypto to make purchases at brick-and-mortar retailers.
Gemini Rapidly Expands Services
Gemini has rapidly expanded its services, recently launching an offshore derivatives trading platform allowing customers to trade digital assets without touching fiat currency or traditional financial infrastructure like banks or brokers. The platform will initially offer seven pairs: BTC/USD; ETH/USD; LINK/USD; DOT/USD; ETH/BTC; LINK/BTC; DOT/BTC — with plans for additional tokens from other projects such as Polkadot and Filecoin being added soon afterwards..
Crypto Regulations Face Uncertainty
The Winklevoss twins also told media outlet Zaywa that its decision was prompted by “hostility and a lack of clarity” regarding cryptocurrency regulations in the US – which have been subject to uncertainty since 2017 when President Trump signed executive orders addressing virtual currencies and blockchain technology. Despite this hostility, Gemini is optimistic about expanding into new markets as it looks towards becoming a truly global company by applying for a license from within Dubai or Abu Dhabi where cryptocurrency acceptance is much higher than here at home .
European Operations Established Out Of Dublin
Finally, last week Gemini announced it plans to establish its European operations out of Dublin, Ireland – highlighting their ambitious goals towards becoming one of world’s leading exchanges even during times when regulation is still uncertain back home