Gemini will explore the UK market
According to newsbtc, the U.S. cryptocurrency exchange Gemini will enter the UK market, and has hired consultants to consult about the relevant issues. After the official launch of the EUSD-20-based stable currency GUSD at the beginning of this month, Gemini seems to be planning the next move.
According to the British "Financial Times" report, two Gemini-related sources said that the large US-based cryptocurrency exchange is currently preparing for entry into the European market. Gemini 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.”
Since 2014, Gemini has built a trustworthy cryptocurrency exchange in the minds of US investors. At the same time, the exchange has always placed compliance first, working with regulators to help these agencies develop better regulations for cryptocurrency trading market management.
In May of this year, under the approval of the New York Financial Services Department (NYDFS), Gemini launched the privacy currency Zcash. In the process, the exchange worked extensively with local regulators to understand the anonymity of cryptocurrencies and its use cases in the wider financial markets. The privacy currency has long been regarded by criminals as a money laundering too. The launch of Gemini means more possibilities for the development of privacy coins in the future.
Zcash CEO Zooko Wilcox said: "As a New York trust company, Gemini is, arguably, the most regulated digital asset exchange and custodian in the world. It is subject to rigorous regulatory oversight by the New York State Department of Financial Services (NYDFS), is held to the highest level of fiduciary obligations and banking compliance standards, and must adhere to all anti-money laundering (AML) laws, know your customer (KYC) requirements, and consumer protections set forth by the Bank Secrecy Act (BSA), the New York Banking Law, and the NYDFS.”
Over the years, the European cryptocurrency market has lagged behind the United States, Japan and South Korea in terms of regulation, liquidity, security measures and infrastructure. Gemini's expansion in the UK market is beneficial to the European cryptocurrency market because the exchange is well managed and equipped. Currently, with the exception of Coinbase, no other cryptocurrency exchange can handle cryptocurrency and sterling exchange transactions in the UK.
Coinbase entered the UK earlier this month after announcing the e-money license issued by the Financial Conduct Authority (FCA) in March 2018. Gemini will also apply for an electronic currency license from FCA in the coming weeks. Gemini expects to get a license from FCA easier due to its rigorous management.
According to reports, Bithumb, Korea's largest cryptocurrency exchange, is preparing to launch Bithumb UK by the end of 2018. By next year, Gemini, Coinbase and Bithumb may compete in the UK market to gain a dominant position.
Executive editor： Nino