Gemini said late Wednesday that it would “soon” begin getting a crypto license to operate in the United Arab Emirates after meeting stakeholders around the region to learn about local regulatory requirements.
Cameron and Tyler Winklevoss, founders of Gemini, want “adoption of crypto globally across 20 countries.”
As Gulf economic competition heats up, the UAE is developing virtual asset regulation to entice new firms.
“By applying for a license, we will be taking another step towards making Gemini a truly global company,” the exchange said in a blog post. The UAE launch date was not specified.
After many setbacks last year, including the collapse of Sam Bankman-Fried’s crypto exchange FTX, digital asset companies aim to grow globally despite rising tensions between the crypto sector and US regulators.
In May, Gemini introduced an offshore derivatives platform for trading perpetual futures.