Crypto exchange Gemini applies for UAE trade licence

Gemini will "soon" start the process of buying a crypto licence to operate in the UAE, and the team has met stakeholders throughout the region to learn more about local regulatory requirements, the crypto exchange said late on Wednesday.

Gemini, founded by cryptocurrency pioneers and identical twins Cameron and Tyler Winklevoss, is aiming for the "adoption of crypto globally across 20 countries".

Its push in the UAE comes as the nation is trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.

"By applying for a licence, we will be taking another step towards making Gemini a truly global company," the exchange said in a blog post.

It did not say when they expect to start operating in the UAE.

Digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX and companies are looking to expand their global footprint amid escalating tensions between the crypto sector and regulators in the United States.

Gemini, earlier in May, also launched a derivatives platform for trading perpetual futures, outside the US jurisdiction.