Gemini has announced plans to enter the market of UAE, the United Arab Emirates, as a part of achieving its mission of global expansion. Per the announcement, Gemini will soon begin its operations after it has acquired all the necessary licenses. The goal is to serve customers in the UAE with utmost dedication and safety.
Gemini has called this another step towards going global. The crypto venture has also acknowledged the upcoming status of the UAE in being a global financial hub. Gemini has said that the UAE is a forward-thinking region that is continuing its tradition of leadership with this development.
The most recent status is that the executives of Gemini met stakeholders in the UAE to better understand how the regulatory framework is deployed specifically for digital assets. Another objective of scheduling the meeting was to understand the needs of a UAE customer, allowing Gemini to know how it can serve them better.
Crypto adoption in the UAE is pretty significant. Numbers by the 2022 Global State of Crypto Report, published by Crypto.com, show that the adoption rate is approximately 35%. This is just behind Indonesia and Brazil, where the rate is 41%. Gemini’s report has further stated that the UAE is closely followed by Singapore, with an adoption rate of 30%. The lowest figure has been concluded in Denmark, with only 15% inclined to hold cryptocurrency at the moment.
It has also revealed that non-owners of crypto in the UAE have a much higher intent of purchasing the token in their lifetime.
Founded in 2014, Gemini is currently headquartered in New York (US). The centralized crypto platform has over 20 coins listed for customers to add to their portfolios. Alternatively, they can add 50+ trading pairs to their digital investment portfolio. Its operations are supported by most of the countries, including the US, except Hawaii. Transfer Limit varies on the payment method chosen. This can be read in our Gemini review, which also highlights the minimum trading requirement.
There are mixed reactions within the community since a lot of members are asking Gemini to return their funds after the Earn Program fiasco. Members are highlighting that the platform stole from 340,000 users six months ago and is yet to return that money.
Its entry is that the UAE is subject to elements that the region deems fit. While the sufferers are hoping that the regulatory body looks into this aspect before granting any approval, it is less likely that there will actually be any impact on the relations between Gemini and the UAE.
As Gemini continues moving forward, the development comes after it announced two promotions for customers in the UK and Ireland. Gemini is offering an NFT with regional inspiration along with a week of fee-free trading to celebrate its global mission.
For now, Gemini and the UAE seem to be going ahead with their original plan. It will probably conclude with the Winklevoss brothers securing the license to serve the local customers.