The renowned US-based cryptocurrency exchange, Gemini, is making significant strides in Australia by establishing a locally registered entity, signaling its commitment to expanding its presence in the region. This move comes as the exchange prepares to navigate the forthcoming regulations surrounding the cryptocurrency sector.
Saad Ahmed, the head of Gemini’s Asia Pacific operations, recently shared insights with Cointelegraph about Australia’s impressive crypto adoption rate, estimated at 23% to 25%. This statistic underscores the potential for growth and highlights the strategic importance of the Australian market for Gemini.
On Thursday, Gemini announced the formal creation of its local branch, Gemini Intergalactic Australia, which is now registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This registration not only enhances the exchange’s credibility but also allows it to integrate local payment systems, paving the way for more accessible financial services for Australian users.
Prior to this development, Gemini operated in Australia since August 2019 under a global framework that restricted its range of services and offered limited payment options. The establishment of a local entity significantly changes this dynamic. Ahmed noted, “We’re changing that because we think Australia is a market that we want to be in, and it’s a market that we want to grow, so we’re going to build a local team here.”
With this intention to expand, Gemini has chosen Sydney as the base for its operations and appointed James Logan, previously of competing exchanges Luno and Bitget, to lead the Australian team. Ahmed expressed optimism about the future, emphasizing that, while not all US-based products will be available immediately—such as crypto staking and credit cards—Gemini is actively working towards securing an Australian Financial Services License (AFSL) to roll out these services.
As the Australian crypto landscape evolves, so does Gemini’s approach to regulation. The Albanese government recently introduced draft legislation aimed at enhancing oversight of cryptocurrency exchanges, a move that has elicited a mix of caution and optimism within the industry. In light of this, Ahmed indicated that Gemini’s Australian arm will take a “wait-and-see” stance regarding the new laws. He stated, “There’s going to be some back and forth between the industry and the government for some time. We’ll probably take the position of just observing and seeing how things play out over the next few months.”
Highlighting the importance of being a conscientious newcomer, Ahmed remarked, “There’s limited upside for us to respond to the laws that have come out. There is an existing ecosystem here; we’re somebody new that’s coming in, and we just want to make sure that we’re building and focused on our customers.” Gemini remains confident that it will be well-prepared to adapt to any regulations introduced, ensuring compliance while continuing to meet the needs of its users.
As Gemini embarks on this new chapter in Australia, the cryptocurrency exchange is poised to leverage its local entity to strengthen its market position and respond effectively to the changing regulatory climate.
