Gemini’s Ambitious Plans in India
Gemini, a cryptocurrency exchange co-founded by the Winklevoss twins, is planning to expand its presence in India despite the challenging regulatory landscape.
In a recent announcement on Tuesday, Sept. 26, the New York-based crypto exchange unveiled plans to invest INR 200 crore ($24 million) over the next two years to “grow our development center in Gurgaon.” With this, the company aims to swell its current headcount in the Cyber Hub at Campus Cyber Greens (located in Gurgaon) from 70 to over 150 employees.
Eyeing Talents Across Various Domains
While specific details of the investment remain undisclosed, Gemini’s vision is to augment its workforce across multiple domains. The hiring spree will span across engineering, design, and operations teams. Those joining the Gurgaon base will also contribute significantly to compliance, payments, and fortifying the security for Gemini’s core platform operations.
A Brief on Gemini’s India Journey
Incorporating its growth blueprint in the APAC region, Gemini marked its inception in Gurgaon in April 2023. The Gurgaon office now stands as the crypto exchange’s second-largest engineering center, following closely behind its U.S. establishment. Apart from these, Gemini’s global footprint also extends to the U.K., Singapore, and Ireland.
The Indian Crypto Regulatory Landscape
Gemini’s announcement arrives amidst challenging times for the crypto sector in India. Previous reports from crypto.news highlighted that India’s stringent crypto taxation might persist till at least 2025. Lamentably, there hasn’t been significant discourse between the industry’s key players and the legislative bodies to address this matter.
To contextualize, in April 2022, India sanctioned a rule imposing a 30% tax on digital currency holdings and transfers, and traders can’t offset their losses against profits. Further complicating matters, there’s a 1% tax deduction at the source for every crypto trade, ensuring the government’s eyes on crypto fund movements.