Gemini’s official Twitter handle announced today that the exchange would soon begin the process of acquiring a crypto license in the UAE. The team labeled the region to be “a forward-thinking,” “global financial hub” that is establishing itself as a “fast-emerging hub” for crypto.
1/ We’re coming to the UAE! 🇦🇪
— Gemini (@Gemini) June 1, 2023
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
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Alongside the UAE, regions like Hong Kong also intend to become a base for crypto companies to establish their foundations. Right from softening regulations to opening up trading, a host of measures are being taken by these crypto-friendly countries.
According to the official announcement, Gemini representatives met with stakeholders throughout the UAE to learn more about local regulatory requirements. In fact, they also examined the needs of local crypto investors to be able to tailor-serve them. Chalking out the state of affairs with respect to adoption in the region, the exchange’s announcement thread highlighted,
“As part of Gemini’s 2022 Global State of Crypto Report, we found that those in the UAE were rapidly acquiring crypto and putting it to use by making in-person purchases. We also found high intent to purchase crypto among those who were not yet owners.”
In fact, it is interesting to note that the UAE ranks third, with a 35% adoption rate. It is ahead of other contenders like Hong Kong [24%], Nigeria [26%], Singapore [30%], etc.
Also Read: CBDC: UAE Central Bank Launches its Digital Dirham Strategy
We’re ‘super encouraged’ by regulatory conversations: Gemini’s Tyler Winklevoss
According to a recent report from Abu Dhabi-based The National, the Gemini founders, Cameron and Tyler Winklevoss, have not yet decided where to base their crypto company in the UAE. However, they reportedly told the media house that it could be Abu Dhabi, or Dubai, or potentially both. Commenting on the latest development, 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.”
In other UAE-related regulatory news, the central bank recently released a new set of AML and CTF guidelines for Licensed Financial Institutions [LFI] dealing in virtual assets like crypto, and NFTs. The same will come into effect within one month, by the end of June.
Also Read: Crypto, NFTs: UAE Central Bank Issues New AML, CTF Guidance for Institutions