Gemini, a popular cryptocurrency exchange, has recently submitted an application for pre-registration with the Ontario Securities Commission (OSC) to comply with Canadian regulators.
Cynthia Del Pozo Garcia, the head of corporate and strategic development at Gemini, mentioned that if the application is approved, the exchange will function as a dealer with restricted powers.
The mandatory registration process with the OSC is required for all cryptocurrency companies operating in the Canadian and Ontario markets.
In Canada, Gemini is among the first companies to receive approval for cryptocurrency ETFs, where it serves as a sub-custodian.
Garcia further stated that Gemini is willing to collaborate with regulators and legislators to shape regulations that protect consumer rights and promote innovation.
Such efforts would enhance trust in the industry and unlock the potential of cryptocurrencies.
Gemini also obtained a virtual asset service provider (VASP) license from the Central Bank of Ireland in 2022, and in 2020, the exchange registered with the UK Financial Conduct Authority (FCA).
Gemini is subject to yearly audits of its financial statements and is subject to bank reviews conducted by the New York State Department of Financial Services (NYDFS).
Recently, rumors have circulated online that Gemini is planning to launch a cryptocurrency derivatives exchange on an international scale that will operate outside of the United States.