Cryptocurrency Exchange Gemini Plans to Expand Presence in India
Gemini, a popular cryptocurrency exchange co-founded by the Winklevoss twins, has announced its plans to expand its operations in India. Despite the regulatory challenges in the country, Gemini aims to invest INR 200 crore ($24 million) over the next two years to develop its center in Gurgaon. Additionally, the exchange plans to double its number of employees at its Cyber Hub office in Gurgaon from 70 to over 150 employees.
India is a leading global center for entrepreneurship and technology development. Over the next two years, we plan to double our number of employees in our Gurgaon office from 70 to 150+.
The investment made by Gemini will be used to hire more professionals for cross engineering, design, and operations teams. The Gurgaon-based team will also focus on compliance, payments, and security for the exchange’s platform. This expansion in India is part of Gemini’s growth plans in the Asia Pacific region. Currently, Gemini has engineering centers in Gurgaon, the UK, Singapore, and Ireland.
You Could Also Like:
Coinbase denies stopping services in India
This announcement comes at a time when India is facing challenges related to cryptocurrency regulations. It has been reported that India is likely to maintain strict cryptocurrency taxes until at least 2025. The Indian government has not engaged in any discussions with the industry and lawmakers regarding this matter. In April 2022, India implemented a new rule imposing a 30% tax on digital currency holdings and transfers. The bill also requires merchants to not offset losses against profits and imposes a 1% tax deduction at source on all buy or sell trades to track the movements of crypto money.
Reading More:
India is considering regulating cryptocurrencies with guidelines from the International Monetary Fund and the Financial Stability Board
For the latest news and updates, follow us on Google News.
