Crypto Exchange Gemini Launches Operations in France

by

As a seasoned analyst with extensive experience in following the digital asset market, I am thrilled to see Gemini, the Winklevoss twins’ brainchild, expanding its reach into the European Union and specifically France. This move comes at an opportune time as the MiCA regulations are about to take effect, providing a robust regulatory framework for crypto exchanges like Gemini.

Gemini, a U.S.-based cryptocurrency exchange, has made its platform accessible to French users, enabling them to deposit, trade, and store more than 70 digital assets on both web and mobile interfaces. This move into the French market follows Gemini receiving DASP registration from French authorities in January.

The cryptocurrency trading platform, Gemini, established by the Winklevoss twins (Tyler and Cameron), commenced operations in France following its approval as a Digital Asset Service Provider (DASP) by the Financial Markets Authority (AMF) in January.

Gemini Expands EU Reach Amid Incoming MiCA Regulation

In a prelude to the implementation of MiCA regulations in France, Gemini, a U.S. cryptocurrency exchange, has debuted its services in France. This step enables local residents to deposit, trade, and store approximately 70 digital assets using web and mobile devices. This launch follows the announcement made by Gemini regarding its approval from French market regulators for Digital Asset Service Provider (DASP). Users can now deposit euros and British pounds through various local payment methods such as debit cards, bank transfers, and Apple Pay. Additionally, Gemini’s services in France cater to institutional investors who can trade on the exchange’s over-the-counter desk.

The launch of Gemini’s services in France happens a few weeks prior to the activation of the EU’s groundbreaking cryptocurrency regulation, MiCA (Markets in Crypto Assets).

Gemini’s UK and Europe CEO, Gillian Lynch, said in a statement:

As a dedicated crypto investor catering to the needs of my valued French customers, I’ve invested time and effort to tailor our service specifically for you. This includes translating our platform into your native language, French, and ensuring that we can provide all our comprehensive services without any barriers.

Growing Interest in Digital Assets

At the time of receiving DASP approval, Gemini recognized the importance of their business within France due to the country’s active participation and backing of the cryptocurrency industry.

According to Gemini’s 2024 Global State of Cryptocurrency Report, there’s been an upward trend in crypto adoption and a supportive regulatory climate in France. Over the last two years, this adoption has risen by approximately 2%.

Lynch also commented in a statement saying;

As a researcher delving into the intricacies of the financial landscape, I’ve uncovered an exciting development: The French market is demonstrating a burgeoning fascination with digital assets. Moreover, a solid regulatory structure offers a distinctive chance for us to introduce our platform to the trading community and fortify our footing in the European market within the next few months.

Based on findings from a Gemini report, France is identified among the countries most supportive of cryptocurrency. This favorable stance towards crypto is attributed to France’s forward-thinking regulations for Virtual Asset Service Providers (VASPs), complemented by the European Union’s MiCA framework. Lynch emphasized the importance of effective regulatory measures, as demonstrated in the EU, when discussing this topic.

As a diligent analyst, I’ve observed encouraging signs of the influence of MiCA. My latest State of Cryptocurrency report reveals an enhanced level of trust towards digital assets, particularly in France, which surpasses that of non-EU countries surveyed.

Read More

2024-11-19 19:07