Gemini announces plans to expand its cryptocurrency exchange in Gurgaon, India, as part of its growth strategy in the Asia-Pacific region despite unclear digital currency regulations.
The cryptocurrency exchange Gemini plans to grow in the APAC region. Despite India’s murky regulation regarding digital currency, it will set up shop in Gurgaon.
Gemini’s worldwide CTO, Pravjit Tiwana, will assume the role of APAC CEO for the business. Tiwana’s responsibilities in this role include overseeing the region’s new product launches and ensuring financial stability.
For the APAC region, the cryptocurrency exchange asserts that it has grand aspirations. The announcement follows Genesis, a former partner of Gemini, declaring bankruptcy. The SEC filed charges against Gemini and Genesis for offering and selling unregistered securities through the Earn product.
Gemini’s co-founders, Tyler and Cameron Winklevoss, stated that the company has “big plans” for APAC this year in terms of worldwide expansion. “This initially entails setting up engineering and product teams in India. In order to implement GTM [go to market] strategies focused on expanding our individual and institutional customer base in this region, we will also be extending our business teams in Singapore and India.
The announcement follows rumors about a month ago that Gemini was getting ready to open an international derivatives market with perpetual futures. Customers in the following regions will have access to the platform, which goes by the name of Gemini Foundation:
Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay, Vietnam.
Creating a new hub in a cryptocurrency gray area
The Gurgaon headquarters of Gemini would reportedly be their second-largest engineering hub. The central government of India does not control cryptocurrencies as of the time of publication. Therefore, any investment in digital assets is made at the risk of the investor. According to Reuters, the Reserve Bank of India agreed that cryptocurrencies should be outlawed because they resemble Ponzi schemes.
However, the Indian Finance Minister, Nirmala Sitharaman, has escalated the discussion on whether cryptocurrencies are legal in the nation by proposing to tax digital assets. While many have applauded the government’s move to tax virtual currency as the first step toward its recognition, there has been no formal statement from the government on the subject of whether or not such currencies as Bitcoin are legal in India.
Following the EU’s passage of the MiCA legislation, which will trace cryptocurrency transfers and establish standardized guidelines for the supervision, consumer protection, and environmental safeguards of crypto-assets, it’s feasible that other nations will draft their own crypto regulations.