Gemini Exchange Files for Registration with the Ontario Securities Commission

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Cryptocurrency exchange Gemini has filed a pre-registration statement with the Ontario Securities Commission (OSC) to comply with Canadian regulatory requirements.

Head of Corporate and StrategicGemini development Cynthia Del Pozo Garcia said that if the application is approved, the trading platform will act as a dealer with limited powers. 

Registration with OSC is a mandatory process,which all cryptocurrency companies wishing to continue operating in the Ontario and Canadian markets must undergo, Garcia noted. In addition, Canada became one of the first countries to approve cryptocurrency ETFs, for which Gemini acts as a sub-custodian.

“Gemini is open to working with regulatorsauthorities and legislators, helping them shape regulation that protects consumer rights and innovation. This will help build confidence in the industry and unlock the power of cryptocurrencies,” Garcia said.

Gemini top manager added that in 2020The exchange is registered with the UK Financial Conduct Authority (FCA) and last year received a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. Gemini is also required to conduct an annual audit of its financial statements and be subject to bank audits by the New York State Department of Financial Services (NYDFS).

Rumors recently surfaced online that Gemini is planning to launch an international cryptocurrency derivatives exchange that will operate outside the United States.