Regulatory Victory: Gemini Receives Digital Asset Service Provider Registration In France

Cryptocurrency exchange Gemini, founded by the Winklevoss twins, has been granted crypto registration by the French markets watchdog Autorite des marches financiers (AMF). According to a recent announcement made by the exchange, this approval allows Gemini to offer its services as a virtual asset services provider in France. The company plans to roll out its products to both retail and institutional clients in the coming weeks. Gemini Seizes Growth Opportunities In Europe As announced, Gemini customers in France will gain access to a wide range of cryptocurrencies for trading, as well as “advanced” trading platforms such as ActiveTrader. Institutional clients will also benefit from Gemini eOTC, an electronic over-the-counter trading solution. Gemini’s regulatory approval in France marks a milestone in the company’s European expansion strategy. According to the exchange’s statement, with a strong sense of regulatory support for the cryptocurrency industry in Europe, Gemini sees growth opportunities in the French jurisdiction. The founders of Gemini recognized the need for regulatory clarity, which is on the horizon with the European Union (EU) Markets in Crypto-Assets Regulation (MiCA). MiCA allows crypto companies to obtain licenses in one EU country and operate across the entire EU. Related Reading: QCP Capital Forecasts ETH’s Dominance Over Bitcoin To Persist, Ethereum ETFs In Focus Interestingly, Gemini chose Ireland as its European headquarters, joining other major US crypto companies that have selected Ireland as their regulatory hub. On this matter, Gillian Lynch, Gemini’s Head of Ireland and EU stated: We are delighted to welcome customers based in France onto the Gemini platform in the coming weeks as we further expand access to crypto across Europe. 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 US Crypto Companies Seek Regulatory Haven In Europe According to a CNBC report, major US crypto companies are increasingly looking to expand their operations in Europe driven by regulatory challenges in the United States. The crypto industry has faced scrutiny from US regulators, including the Securities and Exchange Commission (SEC). Gemini and Genesis, a crypto lender, were charged by the SEC last year for allegedly selling unregistered securities. Gemini is contesting the lawsuit, asserting that its interest-bearing products do not qualify as securities. Per the report, the European Union offers a “more favorable” regulatory environment, and the MiCA regulation provides a framework for companies to operate across EU member states. Related Reading: Parabolic Bitcoin Indicator Points To Continued Bull Run Despite 15% Crash While the US has yet to approve comprehensive federal-level crypto regulation, 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. Despite initial concerns about market manipulation, the approval of Bitcoin ETFs by the SEC is a positive development for the industry. At the same time, several bills related to crypto regulation are making their way through the US House of Representatives. Featured image from Shutterstock, chart from TradingView.com