Gemini Expands in Australia Amid Uncertainty Over Crypto Regulation

US-based crypto exchange Gemini is doubling down on Australia with a new locally registered entity, even as it takes a cautious stance toward the country’s pending crypto regulations.

The company announced it has established Gemini Intergalactic Australia, a subsidiary registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), allowing the exchange to access local payment systems and expand its services. The move marks a shift from its previous operations under its global arm, which offered limited asset trading since 2019.

Saad Ahmed, Gemini’s head of Asia Pacific, said Australia’s high crypto adoption rate—estimated between 23% and 25%—makes it a prime growth market. “We’re changing that because we think Australia is a market we want to be in, and it’s a market that we want to grow,” Ahmed told Cointelegraph.

The company will operate from Sydney, led by James Logan, a veteran who previously headed Australian operations for exchanges Luno and Bitget. Gemini also plans to secure an Australian Financial Services License (AFSL) to eventually offer crypto staking and credit card products, though Ahmed noted these services won’t be available immediately.

While Gemini is preparing for expansion, it’s taking a “wait-and-see” stance on new crypto laws proposed by the Albanese government. The draft legislation, which would require exchanges to obtain an AFSL, aims to tighten oversight across the sector.

Ahmed said the firm will observe how the rules develop before taking a firm position. “There’s limited upside for us to respond right now,” he said. “We just want to make sure that we’re building for our customers and will be ready to comply when the time comes.”