Gemini Receives Approval to Operate in France
Crypto exchange Gemini, owned by Tyler and Cameron Winklevoss, has been granted permission to operate as a virtual asset services provider in France. This approval marks a significant moment in Gemini’s expansion into Europe. According to Gillian Lynch, head of EU at Gemini, the company is preparing to introduce its products to retail and institutional clients in France in the coming weeks.
Gemini’s Expansion Plans in Europe
During a visit to the EU last year, the Winklevoss twins observed strong regulatory support for the crypto industry in Europe. They also noted the impending regulatory clarity with the introduction of MiCA (EU Markets in Crypto-Assets Regulation). MiCA allows crypto companies to obtain a license in one EU country and operate across all nations within the EU.
U.S. regulators like the SEC have been targeting major American crypto companies. Last year, both Gemini and Genesis were charged with offering unregistered securities through the Gemini Earn Lending Program. However, Gemini disputes these allegations.
Due to increased regulatory scrutiny in the U.S., many American crypto companies are expanding into Europe. Gemini has chosen Ireland as its European headquarters, while Coinbase has made Ireland its regulatory hub within the EU.
Hot Take: Crypto Exchange Gemini Expands Further into Europe
Gemini’s approval to operate in France demonstrates its commitment to expanding its services across Europe. With the support of regulatory bodies and the introduction of MiCA, Gemini is well-positioned to cater to both retail and institutional clients in multiple EU countries. As U.S. regulators target American crypto companies, expanding into Europe provides new opportunities and a more favorable regulatory environment for these businesses. By establishing their presence in different European countries, exchanges like Gemini can tap into the growing demand for cryptocurrency services while adhering to local regulations. This move highlights Gemini’s ambition to become a major player in the global crypto market.
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