Cryptocurrency exchange Gemini is preparing to obtain a license to operate in the United Arab Emirates (UAE), as this country has established itself as a rapidly developing center for cryptocurrencies.

Gemini said that filing with the regulator for a license was another step towards turning the exchange into an international company. This week, the management of the marketplace met with stakeholders to learn more about local regulatory requirements and the needs of cryptocurrency investors in the UAE.

The exchange also mentioned its research conducted last year regarding the adoption of cryptocurrencies in 20 countries. More than 35% of respondents in the UAE already own cryptocurrencies, while this figure for the US is 20%. Nearly 32% of UAE respondents said they plan to buy crypto assets in 2023. 33% of UAE residents who own cryptocurrencies use them to make personal purchases in retail stores, while globally 19% of crypto holders do so.

Thanks to the results of the study and interaction with local regulators, Gemini management is interested in becoming part of the UAE crypto community.

Gemini founders Tyler and Cameron Winklevoss recently revealed they are planning to open a UK headquarters. This is because it is very difficult for crypto companies to do business in the US right now due to the uncertainty of crypto regulation.