Gemini Expands Operations in India Despite Regulatory Challenges
Gemini, a leading cryptocurrency exchange, is defying regulatory obstacles to enhance its presence in India. Backed by a $24 million investment in Gurgaon and led by former Paytm VP Sachin Ranglani, the company aims to expand its Indian workforce from 80 to nearly 200 employees by 2024.
Growing Amidst Regulatory Hurdles
Operating in India’s challenging regulatory environment, Gemini remains undeterred in its pursuit of crypto market leadership. Despite facing hurdles like the Genesis bankruptcy, the company sees the country’s tech talent pool as a valuable asset for its growth strategy.
The Indian government’s taxation policies on cryptocurrencies pose significant challenges for crypto businesses. With a 30% tax on crypto gains and a 1% tax deduction on transactions, the industry faces hurdles. However, Gemini recognizes the potential for growth and remains committed to India.
Embracing India’s Tech Talent
Gemini’s Global CTO, Pravjit Tiwana, praises India’s tech talent and expresses optimism about the “Startup India” initiative. The company intends to leverage this talent pool to drive its expansion plans. Additionally, Gemini plans to expand its team in Singapore, further solidifying its presence in Asia.
Following Industry Trends
Gemini’s expansion efforts in India align with other major players in the crypto industry. Coinbase, a renowned cryptocurrency exchange, has also been increasing its operations in the country. Similarly, BitGo has been actively hiring in Bengaluru, emphasizing the growing interest and potential in the Indian market.
This captivating article highlights Gemini’s determination to expand its operations in India despite the challenging regulatory landscape. With a focus on India’s tech talent and a commitment to growth, Gemini is poised to make a significant impact in the crypto market.
