Gemini’s Expansion in France
Cryptocurrency exchange Gemini has announced its registration as a digital asset service provider (DASP) by France’s financial markets regulator, Autorité des marchés financiers (AMF). This move comes after the establishment of Gemini’s EU headquarters in Ireland in 2022. With its DASP registration in France, Gemini plans to make its products accessible to retail and institutional users in the country in the coming weeks. Gillian Lynch, the head of Ireland and the EU at Gemini, expressed excitement about expanding access to cryptocurrency in Europe through the addition of customers from France.
Gemini and the Markets in Crypto-Assets Regulation
The implementation of the Markets in Crypto-Assets Regulation (MiCA) by EU lawmakers in April 2021 aims to create a standardized legal framework for crypto-assets across the European Union. Gemini emphasizes that MiCA increases accountability for service providers, fosters consumer confidence, and allows for easier access to cross-border services. With Gemini’s registration as a DASP in France, it aligns with the regulatory framework set by MiCA.
French Interest in Crypto Assets
A survey conducted by the AMF in November 2021 revealed that 9% of the French population holds crypto assets, while 7% own listed shares. The survey also highlighted that new investors are showing increased interest in crypto assets, even though they are less frequent participants in the stock market compared to traditional investors. This indicates a growing appetite for cryptocurrencies among the French population.
Hot Take: Gemini’s Continued Expansion
Gemini’s registration as a digital asset service provider in France demonstrates the exchange’s commitment to expanding its presence in Europe and globally. With its headquarters in Ireland and operational reach in more than a dozen EU countries and over 70 countries worldwide, Gemini is positioning itself as a leading player in the cryptocurrency market. By conforming to regulatory frameworks like MiCA, Gemini aims to build trust and confidence among consumers while providing them with access to a diverse and competitive market. As the interest in cryptocurrencies continues to rise, Gemini’s expansion efforts will serve to meet the growing demand for crypto services.
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