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Gemini, the popular cryptocurrency exchange founded by the Winklevoss twins, Announce It intends to obtain a cryptocurrency services license in the United Arab Emirates (UAE).
The move marks Gemini’s foray into the Middle Eastern market and reflects growing interest in digital currencies within the UAE.
According to Gemini Global State of Encryption Reportmore than 35% of respondents in the UAE have invested in cryptocurrencies, which is significantly higher than the 20% in the United States.
Gemini Reveals Reasons for Obtaining UAE Crypto License
The decision to apply for a crypto license in the UAE stems from a variety of factors.Gemini quote The growing enthusiasm for cryptocurrencies among UAE citizens is a key driver.
Related Reading: Crypto under fire: US senators slam its role in China’s fentanyl trade
Additionally, active discussions with UAE regulators contributed to Gemini’s decision. The company expressed its satisfaction with the dialogue held so far, underscoring the welcoming and open attitude of the UAE regulator.
This encouraging regulatory environment has prompted Gemini to explore opportunities to build a strong presence in the UAE market.
The decision was also influenced by the challenges cryptocurrency companies face in the U.S. with regard to regulatory transparency and a lack of supporting frameworks.
Gemini’s co-CEOs, the Winklevoss twins, voiced sound They worry about the unfriendly atmosphere towards crypto regulation in their country. This, they said, has further motivated them to pursue growth opportunities in the UAE.
Notably, Gemini focuses on get The crypto services license in the UAE underscores the company’s commitment to compliance and regulation.
By obtaining the license, the cryptocurrency exchange aims to provide customers in the UAE with safe and secure cryptocurrency services while complying with local laws and regulations.
The Winklevoss twins have yet to finalize where Gemini will be headquartered in the UAE, but they have indicated that offices in Abu Dhabi and Dubai are possible.
Gemini’s move into the UAE demonstrates the company’s global expansion strategy and highlights the growing prominence of cryptocurrencies in the Middle East.
Growing Cryptocurrency Activity in the UAE
According to recent market forecasts politicianthe United Arab Emirates (UAE) has witnessed a surge in cryptocurrency activity.
The cryptocurrency market is expected to reach $239.9 million in revenue by 2023, with an expected annual growth rate of 11.59% until 2027. This growth is expected to generate total revenue of $372 million by 2027.
On average, each user in the UAE cryptocurrency market contributes approximately $101.80 in revenue in 2023.
While the UAE generates significant revenues in the cryptocurrency market, it is worth noting that the United States currently has the highest revenues in the world, with revenues expected to reach $17.96 billion in 2023.
Featured image from Pixabay and chart from TradingView.com
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