- They have applied for registration with the local regulator
- But have not yet chosen an emirate for headquarters
- The UAE is becoming an important crypto hub
Gemini Exchange plans to obtain jurisdiction in the United Arab Emirates (UAE). The company has filed a license with the local regulator and is waiting for a response.
“This region is quickly becoming an important center for cryptocurrency. Gemini aims to meet the needs of this dynamic cryptocommunity. We found a strong intention to buy cryptocurrency in the region, even among those who do not yet own. The move is part of Gemini’s initiative to become a truly global company, providing customers with a safe, secure and convenient platform to interact with cryptocurrency,” the exchange wrote in its press release.
The management has not yet decided which emirate to choose for its future headquarters at the time of publication. The Winklevoss brothers are considering options in Abu Dhabi or Dubai.
The crypto exchange also shared a report from its analyst team in a press release. It showed that more than 35% of respondents in the UAE own cryptocurrencies. For comparison, in the U.S. this figure is 20%.
The UAE is slowly becoming the new home for American crypto-firms. Yesterday, the central bank released an important document that will help attract even more companies to the field.