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>>Following registration with AUSTRAC, Gemini is considering increasing its operations in Australia and may pursue an Australian Financial Services Licence. The company will also monitor ongoing discussions regarding cryptocurrency regulation.

Following registration with AUSTRAC, Gemini is considering increasing its operations in Australia and may pursue an Australian Financial Services Licence. The company will also monitor ongoing discussions regarding cryptocurrency regulation.

crypthub

about 21 hours ago

Gemini's Australian Expansion

Gemini has officially entered the Australian market by registering a local entity, Gemini Intergalactic Australia, with AUSTRAC. This registration is crucial for enabling local payment processing and facilitating customer-facing services. The move establishes a foundation for future regulatory compliance and expansion within the Australian market. A Sydney-based team will be built to support these operations.

Phased Rollout of Services

Gemini plans a phased rollout of services, starting with core trading and improved payment options. The exchange is actively pursuing an Australian Financial Services License (AFSL) to eventually introduce services such as crypto staking and branded credit card products. This approach prioritizes compliance and alignment with evolving regulatory frameworks.

Leadership and Market Opportunity

James Logan has been appointed to lead Gemini’s Australian operations, bringing extensive experience in the local crypto industry. Australia’s crypto penetration rate sits around 23–25%, suggesting a considerable market opportunity for exchanges that can offer compliant and accessible services. Gemini will observe ongoing consultations regarding draft crypto laws.

Regulatory Approach

Gemini is taking a deliberate, “wait-and-see” approach regarding Australia's draft crypto legislation. The exchange intends to monitor industry-government discussions before actively engaging in lobbying or submissions. This strategy aims for compliance and a customer-focused approach while regulations solidify.