- Gemini has secured regulatory approval in France, obtaining a French Digital Asset Service Provider license, enabling regulated cryptocurrency trading in the country
- With this approval, Gemini expands its presence to France, adding to its operations in 70 countries
- The move illustrates the impact of the new Markets in Crypto Assets (MiCA) regulations
Crypto exchange Gemini has become the latest entity to receive approval to operate in France. Following in the footsteps of Circle, Gemini has been awarded a French Digital Asset Service Provider (DASP) license which will allow the exchange to trade cryptocurrencies in a regulated manner, making France one of 70 countries in which Gemini now operates. The announcement follows the launch of Gemini’s EU headquarters in 2022 and is another sign of the impact of the new Markets in Crypto Assets (MiCA) regulations.
Gemini Continues Spreading its Wings
Gemini announced its French expansion yesterday, noting in a blog post that, once the platform goes live, Gemini products will be available to both retail and institutional users, giving them access to the 70+ cryptocurrencies the platform offers. Institutional customers will also be able to access Gemini eOTC, the company’s electronic over-the-counter trading solution, which offers fully automated crypto trading.
Gillian Lynch, Gemini’s Head of Ireland and EU, noted in the blog post why France was chosen as its latest outpost:
France is a global innovation leader and has a vibrant crypto community as showcased by the success of Paris Blockchain Week. We are excited to soon be able to provide French customers with compliant and secure access to the future of finance as we continue on our mission to unlock the next era of financial, creative, and personal freedom.
Gemini follows the likes of Circle and Coinbase which both obtained regulatory clearance to operate in France less than a month as crypto entities work to get on the right side of MiCA. in its blog post Gemini calls this “the most significant crypto-specific regulation in the world to date” and has good things to say about the European Union’s approach to crypto:
The European Union stands out both for its influence in traditional global markets and the quality and thoughtfulness of its approach to crypto regulation, now positioning itself as a leading global jurisdiction for promoting innovation within a robust regulatory structure.
Indeed, the US would do well to take note of the impact MiCA is having in the region, increasing the accountability of service providers while also fostering consumer confidence in using and investing in cryptocurrencies. This is one of the key reasons why crypto companies are looking to Europe as the future of crypto, away from its birthplace of the US.
