Gemini Submits A New License In Canada Amid Increased Regulation

Key Points:

• Gemini has filed a regulatory application indicating its intention to continue operating in Canada.
• This registration is now required under Canadian securities legislation.
• Gemini’s decision to register in Canada ensures that the company will continue to service Canadian retail customers.

According to an April 12 blog post, Gemini has filed a regulatory application via which it expects to continue operating in Canada. The move, necessitated by Canada’s new cryptocurrency regulations, indicates Gemini’s dedication to its consumers in the nation and to continue in the market.

Gemini, the cryptocurrency business founded by the Winklevoss twins, said on Wednesday that it had filed the pre-registration undertaking with the Ontario Securities Commission (OSC).

This registration is now required under Canadian securities legislation. These guidelines also require crypto businesses to separate Canadian and international consumer cash. Businesses must also refuse some services to Canadian citizens.

Gemini’s decision to register in Canada ensures that the company will continue to service Canadian retail customers. According to Gemini’s website, its exchange is now accessible in Canada, with support for trading pairings, including the Canadian dollar (CAD) and other assets.

Gemini emphasizes in the news statement that the move demonstrates its commitment to the Canadian market and consumers and that the nation has been at the forefront of the global crypto fund management field. The Winklevoss twins’ firm will become a licensed, restricted dealer in Canada once the procedure is finished.

“Since its inception eight years ago, Gemini has worked with regulatory stakeholders and lawmakers to help shape thoughtful regulation that fosters both consumer protection and innovation. We will continue to do this work. We have spent considerable time applying for and becoming licensed, registered, and otherwise regulated in various jurisdictions across the world.”

The company also highlighted its institutional services, stating that it serves as a sub-custodian for Canadian crypto exchange-traded funds (ETFs). Canada is unique in this aspect since it has legalized crypto spot ETFs, something the United States has yet to accomplish.

Gemini is not the only cryptocurrency startup making an attempt to remain in Canada. Coinbase, Kraken, and Crypto.com, among others, want to continue operating in Canada by submitting the same pre-registration undertaking.

The move by Canada to tighten the standards for cryptocurrency firms wishing to operate in the country has sparked conjecture about which key players in the sector would choose to comply with the obligation. Kraken made a similar declaration at the end of March after filing the pre-registration.

Paxos, which offers crypto trading and stablecoin issuance, is also leaving the Canadian market on June 2. Although no mention of increased regulatory measures was made in the report, Canada did set a March 24 deadline for organizations to agree to stronger criteria for crypto exchanges to have a presence in the country.

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Harold

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