The U.S.-based crypto exchange Gemini;has announced that;it will soon apply for a crypto license in the United Arab Emirates (UAE).
The firm said the license would be another step toward making Gemini a truly global company.;
Gemini also met stakeholders in the UAE to be informed about local regulatory requirements to operate as a crypto service provider in the region.
- The company has yet to announce when it plans to start operations in the UAE.
- The move came shortly after the UAE's financial authorities began working on a national virtual asset regulation as the competition among crypto firms heightened in the Gulf region.
- Most recently, the Central Bank of the UAE;released new guidelines;regarding anti-money laundering;and counter-terrorism financing for financial institutions dealing with virtual assets, including crypto and;NFTs.
- The new guidance is expected to enter into force by July.
In January, the U.S. Securities and Exchange Commission (SEC) accused Gemini of selling unregistered;securities;through its Earn product.
- The increased scrutiny and tightened regulatory environment towards the crypto industry in the U.S. forced Gemini, like many other crypto-related companies, to intensify its global expansion plans to consolidate its roots outside its native.
- The company's recent global expansion efforts include;a European base;in Ireland, a;new engineering hub;in India, the extension of the business team in Singapore, the launch of a cryptop;derivativesp;platform that;only caters to;users outside the U.S., and the founders' meeting with the U.K.'s regulatory authorities to discuss a potential move to London.