Crypto exchange Gemini has recently announced its registration as a Digital Asset Service Provider (DASP) in France, paving the way for its entry into the French market. The Autorité des Marchés Financiers (AMF), the French financial markets regulator, has granted Gemini this regulatory milestone, allowing the exchange to cater to both retail and institutional customers in France. With this development, Gemini’s users in France will now have access to a diverse range of 70 cryptocurrencies through its comprehensive services, including its website, mobile app, Gemini eOTC, and the ActiveTrader platform.
Unlocking the Future of Finance
Gillian Lynch, Gemini’s Head of Ireland and EU, expressed excitement about the platform’s launch in France, emphasizing the country’s role as a global innovation leader and its vibrant crypto community. Lynch highlighted Gemini’s mission to provide French customers with compliant and secure access to the future of finance, enabling them to unlock financial, creative, and personal freedom. This move signifies Gemini’s commitment to expanding its reach internationally and offering innovative financial solutions to customers around the world.
Gemini’s expansion into France comes at a crucial time when many U.S.-based crypto exchanges are looking to grow their operations abroad due to regulatory scrutiny at home. In the past year, Gemini faced legal challenges from the U.S. Securities and Exchange Commission (SEC) regarding its defunct Earn product, which was alleged to be a security. The exchange is also currently facing a lawsuit from New York authorities, accusing it of defrauding investors through an investment product. In response to these challenges, Gemini has launched the Gemini Foundation, a non-U.S. derivatives platform available in 30 countries, and has been considering the possibility of opening a second headquarters in the United Kingdom.
A Global Presence
Gemini has already established its presence in over a dozen EU countries and operates in approximately 70 countries worldwide, with plans for further expansion on the horizon. This international reach positions Gemini as a significant player in the global cryptocurrency market. Additionally, the exchange has been selected by asset manager 7RCC for its environment-conscious spot Bitcoin exchange-traded funds (ETF) application in the United States. This strategic partnership further solidifies Gemini’s role as a trusted platform for cryptocurrency transactions and investment opportunities.
France’s recognition as an ideal market for Gemini’s expansion is evident through its vibrant crypto community, as demonstrated by the success of Paris Blockchain Week. The country has emerged as a global innovation leader, actively fostering the growth of blockchain technology and digital assets. Gemini’s entrance into France provides an opportunity for French customers to engage with a reputable global exchange while ensuring compliance and security, thus enhancing the country’s position as a hub for fintech innovation.
Gemini’s registration as a Digital Asset Service Provider in France marks an exciting milestone for the exchange’s expansion strategy. With its comprehensive range of services and access to over 70 cryptocurrencies, Gemini aims to provide French customers with compliant and secure access to the future of finance. Despite facing regulatory challenges in its home country, Gemini’s international presence continues to grow, positioning the exchange as a global leader in the cryptocurrency industry. As the French crypto landscape flourishes, Gemini’s entry into the market will undoubtedly contribute to the country’s thriving fintech ecosystem.
Leave a Reply