Gemini Seeks Registration as Restricted Dealer in Canada

On April 13th, it was reported that Gemini had submitted a pre registration commitment letter to the Ontario Securities Commission (OSC) in Canada, seeking registration as a restricted dealer and intending to continue operating in Canada through this action. Recent Canadian securities regulations require such registration. These regulations also mean that cryptocurrency companies must separate the funds of Canadian customers from those of foreign users. In addition, the company must refuse to provide certain services to Canadian residents. Gemini’s decision to register in Canada means that it will continue to provide services to retail users in the country. According to Gemini’s website, its exchange is currently available in Canada and supports trading pairs involving Canadian dollars (CAD) and other assets. （Cryptoslate）

Gemini has submitted pre registration documents to Canadian regulatory authorities

Gemini, one of the leading cryptocurrency exchanges in the world, has submitted a pre-registration commitment letter to the Ontario Securities Commission (OSC) in Canada. The exchange is seeking registration as a restricted dealer in accordance with the recent Canadian securities regulations.

Introduction

Cryptocurrency companies have faced increasing regulatory scrutiny in recent years as governments have attempted to grapple with the unique challenges posed by these new digital assets. In Canada, recent securities regulations now require that cryptocurrency companies register as restricted dealers if they wish to continue operating in the country.

Gemini’s Commitment Letter

On April 13th, Gemini submitted a pre-registration commitment letter to the OSC in Canada. In doing so, the exchange has taken a significant step towards meeting the regulatory requirements necessary to continue providing its services to Canadian customers.

Compliance with Canadian Regulations

Under the new regulations, cryptocurrency companies must separate the funds of Canadian customers from those of foreign users. This is intended to protect Canadian investors from the risks associated with foreign investment. Additionally, the company must refuse to provide certain services to Canadian residents.
By registering as a restricted dealer in Canada, Gemini will be able to continue providing its services to retail users in the country. Its exchange is currently available in Canada and supports trading pairs involving Canadian dollars (CAD) and other assets.

Conclusion

Gemini’s decision to seek registration as a restricted dealer in Canada is a sign of its commitment to regulatory compliance and customer protection. The move will allow the exchange to continue operating in the country while adhering to the new securities regulations.

FAQs

1. What are the recent securities regulations in Canada?
– Recent securities regulations in Canada require cryptocurrency companies to register as restricted dealers if they wish to continue operating in the country.
2. What is a restricted dealer?
– A restricted dealer is a type of dealer that is restricted in the types of securities it can trade and the services it can offer to customers.
3. Will Gemini continue to provide services to Canadian customers?
– Yes, Gemini’s decision to seek registration as a restricted dealer in Canada means that it will continue to provide services to retail users in the country.