Gemini Scores Regulatory Win, Gains Approval to Launch Crypto Services in France

Gemini Scores Regulatory Win, Gains Approval to Launch Crypto Services in France

Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has received approval from the French markets watchdog Autorite des marches financiers (AMF) to operate as a virtual asset services provider in France. This regulatory milestone marks a significant step in Gemini’s European expansion, emphasizing its commitment to a “regulation first” approach to enhance trust in digital asset markets.

Gillian Lynch, Head of EU at Gemini, expressed the company’s dedication to sound regulation, stating that it is influential in building trust and ensuring the integrity of the evolving digital asset landscape. Gemini plans to extend its services to both retail and institutional clients in France in the coming weeks, following the completion of final preparations to make its entire platform accessible to French users.

Once live, Gemini customers in France will gain access to a wide array of offerings, including the ability to trade over 70 cryptocurrencies via the company’s website and mobile app. Additionally, they will be able to leverage Gemini’s advanced ActiveTrader platform. Institutional clients, on the other hand, will have access to Gemini eOTC, the platform’s electronic over-the-counter trading solution.

This move by Gemini aligns with the trend of major U.S. cryptocurrency companies expanding their operations into the European Union, driven partly by increased regulatory scrutiny in the United States. Last year, Gemini and crypto lender Genesis faced charges from the U.S. Securities and Exchange Commission (SEC) related to the alleged sale of unregistered securities. Gemini is contesting the allegations, asserting that its interest-bearing products do not qualify as securities.

Gemini’s decision to focus on the EU for expansion was reinforced during a visit last year when its founders recognized strong regulatory support and anticipated clarity with the EU Markets in Crypto-Assets Regulation (MiCA). MiCA allows crypto companies to hold a license in one EU country and use it as a “passport” to operate in any other EU nation.

Gemini, choosing Ireland as its European headquarters in May 2023, follows the footsteps of other U.S. crypto giants like Coinbase, which selected Ireland as its primary regulatory hub in the EU. The EU’s recent approval of spot bitcoin exchange-traded funds (ETFs) adds to the evolving landscape, marking a significant step toward integrating cryptocurrency into traditional finance. While the U.S. awaits federal-level crypto regulation, initiatives like ETF approvals indicate a shifting stance toward embracing elements of cryptocurrency trade.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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