The bitcoin billionaire Winklevoss twins, founders of the US-based Gemini exchange, are looking to the United Kingdom for cryptocurrency expansion.
A report in the Financial Times reveals Gemini has recruited advisors in relation to expanding its offerings to the UK and is likely to apply to open a cryptocurrency exchange to the UK’s regulatory body the Financial Conduct Authority (FCA).
Gemini told the FT it is looking at opportunities to expand its global reach but has “no immediate plans.”
“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,” said the digital currency exchange.
Acquiring an E-Money License from the FCA
To successfully carry out cryptocurrency expansion to the UK market, Gemini would need to be granted an E-Money Licence from the UK’s FCA.
The E-Money License is part of the FCA’s objective to keep all financial services in Britain reliable, honest and safe and to prevent any malicious or unsavory activities being spawned within the digital currency market.
In August this year, the digital money platform and cryptocurrency debit card provider, Wirex, was granted an E-Money License by the FCA. With an E-Money License under their belt, consumers can have peace of mind that the Wirex digital currency platform is safe and trustworthy to use, something Gemini will need to acquire if they are to expand their business onto British soil.
Gemini push to legitimize cryptocurrencies
Gemini, which currently ranks as the 61st largest cryptocurrency exchange in the world, is certainly serious about cryptocurrency expansion and creating a more lawful and genuine digital currency market.
This summer Gemini launched a self-regulatory organization, known as the Virtual Commodity Association, aimed at promoting “fairness, transparency, risk management and liquidity.”
The launch was described as a “positive step” for the cryptocurrency industry, which, according to Brian Quintenz, of the US’ Commodity Futures Commission, could have a “meaningful impact on the integrity and credibility of this young marketplace.”
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.