Gemini’s Growth in France Despite Regulatory Challenges
Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has secured approval as a virtual asset services provider in France. This move marks a pivotal step in the firm’s European expansion, particularly as U.S. crypto companies increasingly look towards the European Union for growth opportunities.
The French markets watchdog, Autorite des marches financiers (AMF), has given Gemini the green light, setting the stage for the company to introduce its services to retail and institutional clients in France.
🇫🇷 Salut! We are thrilled to announce Gemini has been registered as a Digital Asset Service Provider (DASP) by l’Autorité des Marchés Financiers (AMF), the French financial markets regulator.
Following the launch of our EU headquarters in Ireland in 2022, Gemini is now… pic.twitter.com/OXt1CfPh9t
— Gemini (@Gemini) January 17, 2024
Gemini is set to offer French users access to over 70 cryptocurrencies in addition to its advanced ActiveTrader platform and Gemini eOTC, an electronic over-the-counter trading solution for institutional clients.
Moreover, this expansion aligns with Gemini’s strategy to leverage regulatory clarity and support within the EU, particularly under the MiCA regulation. This EU-wide framework allows crypto companies to operate across member states with a single license, an approach Gemini is keen to capitalize on.
The move contrasts with the cautious regulatory environment in the U.S., where the SEC only recently approved the first spot bitcoin ETFs after years of hesitation. While the U.S. takes steps towards embracing cryptocurrency, firms like Gemini are forging ahead in more welcoming regulatory climates, underscoring the increasingly global nature of the crypto industry.
Also Read: Gemini Warns May Abandon Ireland Over Crypto Rules
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