Gemini crypto exchange has announced its expansion to the Asia Pacific region, with Singapore serving as the company’s hub for its operations on the continent. The team also plans to launch an engineering base in India.
As the United States cryptocurrency regulatory climate continues to make life difficult for bitcoin (BTC) linked businesses, forward-thinking market participants are increasingly searching for greener pastures across jurisdictions with amenable regulations.
Building upon the success of its expansion into the United Arab Emirates (UAE), Gemini, a US-based digital assets trading venue owned by the Winklevoss twins, is now preparing to expand its presence in the Asia Pacific (APAC) region.
Per an announcement by the team, crypto-friendly Singapore, which recently announced plans to help banks set standards for seamless onboarding of crypto-focused businesses, will serve as Gemini’s operations base in the APAC region.
Moreover, the 9-year-old exchange also plans to leverage India’s wealth of web3 developer talent to make the country its engineering base, despite the regulatory dark clouds plaguing the growth of the region’s digital assets space.
The lack of regulatory clarity in the United States, where the Gary Gensler-led Securities and Exchange Commission (SEC) has come under fire for its enforcement-style crypto regulations, is slowly triggering an exodus of market participants abroad.
Thanks to their liberal stance toward innovative technologies, the UAE, APAC, and some parts of Europe are fast becoming hotbeds for web3 businesses, and this trend will continue unless the U.S. makes a positive regulatory move soon enough.