the Financial Times, familiar sources informed that the firm is close to filing an application with the UK markets watchdog for regulatory approval. UK regulators have been concerned about the volatility of Crypto market especially after the surge and subsequent fall of values of cryptocurrency. The regulators cite the usual reasons of money laundering and tax evasion.
The New York attorney recently published a general report indicating that there is a level of market manipulation associated with some of the larger crypto exchanges. Recently, the exchange achieved approval for its own stablecoin, the Gemini Dollar and thus takes step towards strengthening their security and regulations.
Gemini proudly boasts itself as one of the two exchanges, who has managed to acquire formal accreditation from New York’s Department of Financial Services (NYDFS) to operate in the state under its BitLicense framework. Gemini also recently hired the NASDAQ stock exchange to monitor trading volumes to provide an extra layer of transparency. The company stated;
“Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community. Although we have no immediate plans, we … will always evaluate opportunities that allow the global economy to buy, sell, and store digital assets in a regulated, secure and compliant manner.”
Coinbase has already set a base in UK under the Financial Conduct Authority’s e-money license, which entails stricter KYC and money laundering checks in line with those carried out by banks. Gemini would in most probability follow the same procedure to become the second international crypto exchange to offer fiat GBP trading in the UK.
South Korea’s Bithumb is also eyeing the UK as a base of operations to serve the European markets. Currently amongst the more ore crypto friendly nations in the region despite a number of warnings from the country’s central bank. The UK Government in March, announced a crypto asset taskforce to monitor the nascent industry in the country.