As the regulatory environment for cryptocurrencies in the United States remains uncertain, an ever-growing number of crypto companies are looking toward other potential expansion opportunities. Gemini, the American cryptocurrency exchange founded by the Winklevoss twins, will also be joining this trend by expanding into the Asian market.
Gemini Joining the Trend
On April 20, Gemini made a significant announcement regarding its first foray into the Asian market. The exchange unveiled the opening of a new office in Gurgaon, India, as part of its wider strategy to expand its global reach and explore new markets.
Alongside its cryptocurrency trading offerings, including Bitcoin and Ethereum, Gemini will also provide custody services for institutional investors. The company expressed its enthusiasm for the potential of the Asian market, citing the growing number of cryptocurrency users in the region.
Other US-based crypto companies, such as Coinbase and Binance, have also been expanding their operations in Asia in recent months, with Coinbase planning to open a new office in Japan and Binance actively growing its presence in Southeast Asia.
In the cryptocurrency industry, there is a noticeable trend that reflects the growing uncertainty surrounding regulatory policies in the United States. While some states have shown more openness towards crypto enterprises than others, there are still many lingering uncertainties regarding taxation, securities regulation, and money transmission.
Gemini’s Forey into India
As per, CEO of Gemini, Pravjit Tiwana’s statement, the teams operating at Gemini in India, spanning across engineering, design, and operations, will have a crucial role to play in several domains. These domains encompass the conceptualization of the company’s imminent web and mobile user interfaces, and the establishment of compliance, data pipelines, warehousing, security, and payments. Furthermore, the teams stationed in India will shoulder the responsibility of devising fresh feature sets for the organization’s NFT and crypto asset marketplaces.
However, Gemini didn’t move its entire base of operations into India, and the reason behind this could be the uncertainty surrounding the regulations of cryptocurrency in India. The central bank holds a negative view of digital assets, and the government has not fully adopted them yet.
However, there are indications of progress in this regard. The finance minister of India recently recommended the establishment of a unified crypto framework for G20 nations, hinting at a possible shift towards embracing cryptocurrencies.