Gemini exchange, founded by Winklevoss twins, is planning to get a crypto service license in the UAE market as a reflection of increased interest in digital currencies in the region, according to the Global State of Crypto Report. Around 35% of UAE citizens surveyed have already invested in cryptocurrencies, a significantly higher percentage compared to the United States figure of 20%. The decision to pursue a crypto license in UAE came because of several reasons, including the incredibly friendly and encouraging regulatory environment has prompted Gemini as an expansion strategy into the Middle East market. The founders were also influenced by the challenges encountered in the United States regarding regulatory clarity and the lack of support framework.

Gemini’s pursuit of acquiring a crypto service license in the UAE demonstrates the company’s dedication to compliance and regulation. Gemini aims to offer reliable and secure cryptocurrency services to comply with local laws. In addition, the venture in the UAE highlights the growth of cryptocurrencies in the Middle East, and further growth of more than 11.59% annually until 2027 is projected.