Gemini "UK crypto market outlook optimistic... securing regulatory clarity is urgent"

Crypto exchange Gemini has offered an optimistic outlook for the UK market. The share of crypto ownership in the UK rose to 24%, recording the largest growth among major markets worldwide, but many investors are still waiting for a clear regulatory framework, it analyzed.

Gemini's UK head Daniel Slutzkin said on the 21st (local time) at the 'Zebu Live' event held in London, in an interview with The Block, "The UK is one of Gemini's core markets, and the digital asset industry is about to enter the formal regulatory fold." He said Gemini was one of the first exchanges to be formally registered by the UK's Financial Conduct Authority (FCA) in 2020, established an office in central London, and has recruited many key personnel over the past year.

Slutzkin said, "London has been the center of global finance for centuries, and that will continue in the digital asset market," adding, "Gemini is investing in the UK market for the long term."

According to Gemini's '2025 Global State of Crypto' report, the crypto ownership rate in the UK rose from 18% year-on-year to 24%. In particular, the proportion of investors under 35 reaches 40~45%, highlighting that the market is driven by younger generations.

However, he said, "Many potential investors are still waiting for the regulatory 'stamp of approval'," adding, "Regulatory clarity needs to be secured for the market to expand in earnest." The UK government is preparing a new regulatory framework covering the crypto industry as a whole, including stablecoins, exchanges, lending, and custody, which is expected to take effect in 2026.

Slutzkin said, "2026 will be a turning point for UK digital asset regulation," adding, "It could be January or December, we do not know, but the market is waiting for regulation to be finalized." He added, "Once investors and firms can confidently say, 'We are a regulated institution,' industry credibility will increase."

He forecast that Gemini's core business areas—trading, custody, and staking services—would not be greatly affected by future regulation. He also said, "Gemini has operated with a regulatory-first principle since its founding and is ready to respond quickly to future regulatory changes."

Meanwhile, Gemini also described the new tax reporting framework (CARF), soon to be implemented in the UK, as "a positive measure that increases transparency and legitimacy." However, he pointed out, "With increased detailed reporting obligations, small and medium-sized exchanges may struggle to bear the regulatory burden," and "excessive regulation could also stifle innovation."

Regarding the recent market crash, Slutzkin said, "There was a historic-scale liquidation event in early October, but the market is quickly stabilizing," adding, "No signs of crisis are detected in our internal indicators."