• Gemini announces its plans to get a crypto license from the UAE regulators.
• The exchange said that crypto enthusiasm in the UAE is high.
• Gemini is still having difficulty retrieving around $900 million in customer funds from Digital Currency Group (DCG).
Gemini, one of the most popular centralized crypto exchanges, has announced its plans to enter the United Arab Emirates. On Wednesday, the exchange published a blog post detailing its intention to obtain a crypto license in the UAE. This move will take Gemini closer to becoming a “truly global company” and advancing their mission of unlocking financial freedom for all. As research showed, more than 35% of those surveyed in the UAE had purchased crypto and almost 32% of non-owners said they were likely to purchase it this year, making it an attractive market for cryptocurrency businesses.
The main reason behind Gemini’s decision to enter the UAE market was because of its high crypto enthusiasm. According to their research, more than 35% of those surveyed in the UAE had purchased crypto compared to only 20% of those in other countries like America. The country also ranked third in terms of cryptocurrency adoption globally behind Brazil and Indonesia with 32% saying they were likely to buy cryptocurrency this year.
Centralized exchanges have been struggling due mainly due tough regulatory stances across different countries such as America which is why many are looking for new markets abroad like the UAE. By getting a license from regulators here, Gemini can continue their mission while also expanding their presence worldwide which could help them become more successful as well as make cryptocurrency accessible on an international scale.
Unfortunately, despite these successes Gemini is still having trouble retrieving around $900 million in customer funds from Digital Currency Group (DCG). This could mean that even if they get their license they may not be able see much success until this issue has been resolved or at least reduced significantly.
It will be interesting seeing how other centralized exchanges react now that others are branching out into new markets like that of the UAE and whether or not it will benefit these companies financially or otherwise when regulations become stricter elsewhere around the world especially concerning cryptocurrencies.
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