Gemini, the cryptocurrency exchange, is set to expand to APAC. It will open its first office in Gurgaon, India, despite the country’s clouded policy around crypto assets.
Pravjit Tiwana, global CTO, Gemini, will be taking on the responsibility of APAC CEO for the company. In this position, Tiwana will be leading new product launches from the region and ensuring financial stability.
The crypto exchange claims to have big plans for the APAC region. The news comes after Gemini’s former partner Genesis filed for bankruptcy. Both Gemini and Genesis were charged by the SEC for offering and selling unregistered securities over the Earn product.
“Gemini has big plans for international growth this year in APAC,” said Tyler and Cameron Winklevoss, the co-founders of Gemini. “This initially involves building out product and engineering teams in India. We will also be expanding our business teams in both India and Singapore to execute GTM [go-to-market] strategies focused on growing our individual and institutional customer base in this region.”
The news comes a month after reports that said Gemini is preparing to launch an overseas derivatives exchange to offer perpetual futures. Called Gemini Foundation, the platform will be available to customers in the following areas:
- Hong Kong
- British Virgin Islands (BVI)
- Cayman Islands
- El Salvador
- New Zealand
- Saint Lucia
- Saint Vincent & Grenadine
- South Africa
- South Korea
Establishing a new hub in a crypto grey area
Gemini reports their Gurgaon office will be their second largest engineering hub. As of publication, India’s central authority does not regulate cryptocurrencies. Therefore, any investments into digital assets are done at investors’ risk. Reuters reports the Reserve Bank of India has also said that cryptocurrencies should be banned as they are akin to a Ponzi scheme.
Nonetheless, the Finance Minister of India, Nirmala Sitharaman, proposed to tax digital assets and has increased the debate on the legality of cryptocurrencies in the country. While many have embraced the decision to tax virtual currency as it is the first step to recognising it, the government is yet to pass any official clarification on this matter of whether currencies like Bitcoin are legal or not in India.
Following the MiCA legislation’s approval in the EU, which will track crypto transfers and create common rules on the supervision, consumer protection and environmental safeguards of crypto-assets, it is possible we see other countries follow suit in crypto regulation development.