Gemini expands in Australia with wait-and-see approach to pending crypto rules

Crypto exchange Gemini is expanding its offering in Australia with a local entity and team, and plans to sit back and watch the country’s consultation on crypto laws.

US crypto exchange Gemini is set to expand its offerings in Australia with the launch of a new locally registered entity, and is taking a wait-and-see approach to recent draft laws expected to broaden oversight of the crypto sector.

Gemini’s head of Asia Pacific, Saad Ahmed, told Cointelegraph that Australia’s crypto penetration is “quite significant, somewhere in the range of 23 to 25%” which leaves the exchange with “headroom for growth.”

On Thursday, the exchange said it created a local entity registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, enabling it to provide access to local payment rails.

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