Gemini to Unlock Next Era of Crypto Adoption in UAE

• Gemini intends to obtain a crypto license from the UAE regulators to become a “truly global company.”
• Crypto enthusiasm in the UAE is high; with more people purchasing crypto than in the US.
• Gemini is still having difficulty retrieving around $900 million in customer funds from Digital Currency Group (DCG).

Gemini To Enter UAE

Gemini, one of the most popular centralized crypto exchanges, has announced its plans to enter the United Arab Emirates. The exchange said that it wants to enter the UAE market mainly because of the country’s high crypto enthusiasm and its intention to obtain a license from local regulators. This will take Gemini a step closer to becoming a “truly global company.”

High Crypto Enthusiasm in Country

According to research by Gemini, more than 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of those in the US. On top of that, almost 32% of non-owners in the UAE said they are likely to purchase crypto in 2023. This puts them third worldwide for highest levels of adoption behind Brazil and Indonesia.

Tough Regulatory Stance In U.S.

Centralized crypto exchanges have been struggling all year, mainly because of the tough regulatory stance taken against them in places such as the US. This has caused many exchanges to look for alternative ways expand their presence worldwide, hence why Gemini is trying its luck with obtaining a license from UAE regulators.

Difficulty Retrieving Funds From DCG

Unfortunately, despite its plans for expansion into other regions, Gemini is still having difficulty retrieving around $900 million worth of customer funds from Digital Currency Group (DCG).

Conclusion

It will be interesting how how cryptocurrency survives and develops after centralized exchanges start moving away from traditional areas like America and towards countries like United Arab Emirates where there is much higher adoption levels.