Gemini Gears Up For UAE Crypto License Acquisition
Gemini eyes UAE expansion, aiming to secure a crypto license to cater to the dynamic local market.
Gemini, a renowned cryptocurrency platform founded by the Winklevoss twins, has announced its plans to pursue a crypto license in the United Arab Emirates (UAE). The organization sees the move as a significant step towards becoming a global leader in the crypto industry and promoting financial and personal freedom.
Recognized as a leading global financial hub, the UAE is rapidly embracing cryptocurrency. To better comprehend the local regulatory framework and the UAE's crypto market needs, Gemini representatives have engaged with local stakeholders during their ongoing global tour.
Rising Tide Of Crypto Interest In The UAE
Gemini’s 2022 Global State of Crypto report revealed an increasing trend of cryptocurrency adoption in the UAE, in contrast with global averages. Findings included:
- Approximately 35% of UAE respondents reported owning cryptocurrency, surpassing the 20% reported in the US.
- Close to 32% of non-owners in the UAE expressed an interest in buying crypto within the year.
- Roughly 33% of UAE-based crypto owners use it for in-store transactions, a stark contrast to the 19% global average.
Committed To Catering To The UAE Market
Based on the promising data and the enthusiastic reception from regulatory bodies, startups, and others in the ecosystem, Gemini is fully committed to establishing a strong presence in the UAE’s crypto market.
Submitting the application for a license is Gemini's initial move towards offering a secure, user-friendly platform for UAE customers to engage with cryptocurrency.
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