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Gemini Defies Regulatory Challenges: $24 Million Investment and Doubling Its Workforce in India

Jack Evans
Sep 26, 2023 at 09:57 pm

India, often referred to as the jewel in the crown of the crypto world, presents unique challenges with its stringent taxation rules on digital currencies. A 30% tax on digital currency holdings and transfers, coupled with restrictions on offsetting losses, paints a seemingly challenging landscape. Nevertheless, Gemini remains unfazed, doubling down on its commitment to the Indian market.

In a recent blog post, the New York-based exchange revealed its ambitious plan to not only weather the storm but also thrive within it. The $24 million investment is set to fuel Gemini's already burgeoning development center in Gurgaon, a move that signifies their determination to carve a solid presence in the Indian crypto ecosystem.

But it doesn't stop there. Gemini is not merely pumping funds into the Indian market; it's also nurturing talent. The exchange plans to bolster its workforce in the bustling Cyber Hub at Campus Cyber Greens, located in Gurgaon. What's even more remarkable is the decision to more than double its staff, going from 70 to over 150 employees. These new recruits will be instrumental in driving various facets of the company, spanning engineering, design, operations, compliance, payments, and security.

While Gemini's commitment to India is crystal clear, it's essential to acknowledge the headwinds they face. The Indian government's stance on crypto taxation has been rather inflexible, with no signs of immediate relief for the industry. Traders grappling with the burden of a 30% tax and the inability to offset losses against profits find themselves in a tight spot.

According to Nischal Shetty, CEO of WazirX, a major Indian crypto exchange, there have been no substantial dialogues between the crypto industry and lawmakers to address these concerns.

In an effort to track crypto movements, the government has also imposed a 1% tax deduction at the source on every buy or sell trade. While these hurdles are undeniably daunting, Gemini's decision to forge ahead demonstrates their conviction that the Indian crypto market holds immense promise, despite the current challenges.

In a crypto landscape that often resembles a turbulent sea, Gemini's unwavering commitment to India serves as an inspiring beacon. Their $24 million investment and expansion plans not only reflect their confidence but also their determination to play a pivotal role in India's crypto evolution. While regulatory challenges persist, Gemini's resolute spirit sends a clear message: where there's potential, there's a way, and they are determined to lead the charge. The crypto world will undoubtedly be watching closely as Gemini's story unfolds in the heart of India.

Read more: Cryptocurrency Markets Weather Storm as Digital Asset Investments Face Sixth Consecutive Week of Outflows

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