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 approval marks a significant milestone in Gemini’s expansion strategy in Europe.
Gemini’s Services in France
With this approval, Gemini will offer its services to both retail and institutional clients in France. Customers will have access to a wide range of cryptocurrencies for trading, as well as advanced trading platforms like ActiveTrader. Institutional clients will benefit from Gemini eOTC, an electronic over-the-counter trading solution.
Growth Opportunities in France
Gemini sees growth opportunities in France due to the country’s strong regulatory support for the cryptocurrency industry. The founders of Gemini recognized the need for regulatory clarity, which is expected with the European Union’s Markets in Crypto-Assets Regulation (MiCA). This regulation allows crypto companies to obtain licenses in one EU country and operate across the entire EU.
Gemini’s European Headquarters
Gemini has chosen Ireland as its European headquarters, joining other major US crypto companies that have selected Ireland as their regulatory hub. This decision reflects Gemini’s commitment to expanding access to crypto across Europe.
US Crypto Companies Turning to Europe
Major US crypto companies are increasingly looking to expand their operations in Europe due to regulatory challenges in the United States. The European Union offers a more favorable regulatory environment, and the MiCA regulation provides a framework for companies to operate across EU member states.
Positive Developments for Crypto Regulation in the US
While comprehensive federal-level crypto regulation is still pending in the US, recent developments indicate a growing acceptance of cryptocurrency trade. The SEC’s approval of the first-ever spot Bitcoin exchange-traded funds (ETFs) is seen as a significant step toward integrating crypto into traditional finance. Additionally, several bills related to crypto regulation are progressing through the US House of Representatives.
Hot Take: Gemini Expands into France, Sees Growth Potential in Europe
Gemini’s regulatory approval in France allows the exchange to offer its services to customers in the country, marking a significant milestone in its European expansion strategy. With France’s supportive regulatory environment for cryptocurrencies and the potential opportunities for growth, Gemini is poised to provide compliant and secure access to the future of finance. This move aligns with other major US crypto companies that are turning to Europe for more favorable regulatory conditions.
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