Gemini enters the Australian market to capitalize on the expanding cryptocurrency sector.

Gemini's Australian Expansion

Gemini is expanding its operations in Australia by establishing a locally registered entity, Gemini Intergalactic Australia. This move allows for easier integration of local payment rails and expanded marketing capabilities for the exchange. The company aims to grow its presence in a market where approximately 23-25% of Australians have adopted cryptocurrency. A local team will be based in Sydney, led by James Logan.

Local Registration and Future Services

Registering with AUSTRAC marks a key step in Gemini's Australian presence. The company is currently focused on building its team and understanding the local market. Gemini plans to pursue an Australian Financial Services License (AFSL), opening doors for services like cryptocurrency staking and credit card options in the future.

Cautious Approach to Regulations

Gemini intends to take a reserved approach regarding Australia’s proposed crypto regulations. Rather than actively lobbying, the company will observe the government’s consultation process and wait for the regulations to solidify. This strategy prioritizes customer focus and allows Gemini to ensure compliance with evolving rules.