Crypto exchange Gemini is broadening its operations in Australia by launching a new local entity while observing a government consultation on potential new crypto regulations.

Gemini’s head of Asia Pacific, Saad Ahmed, remarked that Australia’s engagement with cryptocurrency is quite substantial, with penetration between 23% to 25%, indicating room for expansion.

The company recently established a local registered entity with the Australian Transaction Reports and Analysis Centre (AUSTRAC), allowing it to facilitate local payment processes.

Saad Ahmed at Token2029 in Singapore.

Since August 2019, Australians have had access to limited services under Gemini’s global operations. The newly formed entity, Gemini Intergalactic Australia, will enhance their marketing and service offerings while aligning more closely with legal regulations.

Ahmed emphasized the company’s commitment to establish a local team, insisting, “We think Australia is a market that we want to grow.”

On the regulatory front, Gemini’s founders, Tyler and Cameron Winklevoss, are traditionally engaged in US politics; however, Ahmed suggested a wait-and-see strategy for the Australian arm, mentioning an ongoing government consultation intending to tighten regulations. He stated: “There’s going to be some back and forth between the industry and the government for some time.” He also expressed confidence in complying with future regulations.

For more details, read about the SEC and Gemini’s agreement over a crypto lending dispute.