The cryptocurrency exchange Gemini announced late on Wednesday night that it will “soon” begin the process of purchasing a crypto licence to operate in the United Arab Emirates. Additionally, the Gemini team has spoken with stakeholders in the area to have a better understanding of the local regulatory needs. Gemini also introduced a derivatives platform for trading perpetual futures outside of the jurisdiction of the United States earlier in the month of May.
Gemini, a cryptocurrency exchange that was established by cryptocurrency pioneers and identical twin brothers Cameron and Tyler Winklevoss, has set its sights on the “adoption of crypto globally across 20 countries.”
The United Arab Emirates is now working on developing virtual asset legislation in an effort to entice new kinds of business as the level of economic competition in the Gulf region increases. This drive comes at the same time that the UAE is making an effort to promote blockchain technology. In a blog post, the exchange stated that by submitting an application for a licence, they will be taking “another step towards making Gemini a truly global company.”
Companies in the digital assets market are aiming to extend their global footprint despite the rising tensions between the cryptocurrency sector and regulators in the United States. The digital assets industry is recuperating from multiple blow-ups that occurred in the previous year, including the bankruptcy of Sam Bankman-Fried’s cryptocurrency exchange FTX. There was no indication of when they plan to begin business operations in the UAE.
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