Gemini launches services in France as country’s trust in crypto increases

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As a seasoned crypto investor with roots in Europe, I find Gemini’s expansion into France as a strategic move that aligns with the growing interest and acceptance of digital assets in this region. My personal journey started during the early days of Bitcoin when I was still studying finance in Paris, witnessing firsthand the potential of cryptocurrencies to disrupt traditional financial systems.

Gemini has officially launched operations in France, marking its next phase of European expansion.

Following the registration as a Virtual Asset Service Provider earlier this year, the company is now leveraging France’s burgeoning cryptocurrency environment and regulatory backing.

Through a recent update, users residing in France can now establish Gemini accounts, facilitating trading and asset storage of more than 70 cryptocurrencies via the platform’s web or mobile application, as stated in a press release from Gemini that we received at crypto.news.

French users can deposit funds into their accounts using various local payment options such as debit cards, bank transfers, or Apple Pay. The system supports Euros and British Pounds. For professional customers looking for advanced trading features, Gemini’s ActiveTrader™ platform and over-the-counter trading services are available, providing access to large liquidity pools and competitive pricing.

Our study on the French market indicates a rising curiosity towards digital assets. With a strong regulatory system in place, we have an exceptional chance to unveil our platform to the trading community and expand our reach within the European market during the next few months.

Gillian Lynch, Gemini’s CEO of UK & Europe

France’s growing interest in crypto

The global crypto market now includes France as a significant contributor, due in part to a fresh regulatory structure that encourages technological advancement.

The 2024 Gemini Global State of Crypto report indicates that the number of French individuals owning cryptocurrency has climbed to 18%, marking a 2 percentage point rise compared to 2022. This growth is notable given the ongoing difficulties of the “crypto winter,” a period characterized by falling prices in digital assets.

According to a recent study, French people have greater confidence in cryptocurrency compared to individuals from the United States and the United Kingdom. This increased trust is largely due to France’s Virtual Asset Service Provider (VASP) framework and the MiCA regulation, enacted by the European Union in 2023, which establishes clear guidelines for crypto businesses throughout the EU, ensuring transparency and stability within the market.

According to recent findings, approximately two-thirds (62%) of French cryptocurrency investors consider digital assets as long-term investments. Many of these individuals (46%) bought their first cryptocurrencies between three and five years ago. Furthermore, nearly half (49%) of former crypto holders in France are contemplating returning to the market within the next twelve months, with 28% planning to devote around 5% of their total investment portfolios towards cryptocurrency.

As an analyst, I find it intriguing to note that for approximately 43% of the respondents, robust security measures against fraud are their primary driver when it comes to trust within the crypto industry. On the other hand, only 32% of previous non-owners expressed concerns about regulation, marking a drop from 37% in 2022.

In France, women make up approximately one-third (35%) of cryptocurrency owners, placing them among the highest worldwide figures. However, there has been a slight drop of around 10% compared to data from 2022, according to recent reports.

Last month, Gemini secured in-principle approval from Singapore’s Monetary Authority for a Major Payment Institution license. 

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2024-11-19 10:44