US cryptocurrency exchange Gemini is in the process of obtaining permission to do business in the United Arab Emirates (UAE). The state is an increasingly popular centre for digital currencies.
Cryptocurrency exchange Gemini said that its application to the regulator for permission was an additional step towards making the exchange a global business. The trading platform's administrative staff held discussions with relevant parties to obtain information on local regulatory obligations and shareholder requirements for digital currencies in the UAE.
Gemini conducted a study last year that examined the use of digital assets in 20 countries. The results showed that 35% of UAE residents own cryptocurrencies, compared to 20% in the US. 32% of those surveyed in the UAE said they intend to invest in crypto-assets by 2023, and 33% already use cryptocurrencies for personal shopping expenses, compared to 19% around the world.
The Winklevoss twins (Gemini's founders) recently announced that they would open an office in the UK, as cryptocurrency companies find it difficult to operate in the US due to digital currency regulatory issues.
Given these revelations and discussions with regional officials, Gemini's owners are keen to join the UAE cryptocurrency community.