Crypto exchange Gemini has successfully obtained registration as a Digital Asset Service Provider (DASP) in France, allowing the platform to offer its services to both retail and institutional customers in the country. The registration, granted by the l’Autorité des Marchés Financiers (AMF), the French financial markets regulator, marks a significant milestone for Gemini’s expansion plans. This move will not only open up new opportunities for users in France but also grant access to a diverse range of 70 cryptocurrencies supported on the Gemini platform.
Gemini’s Head of Ireland and EU, Gillian Lynch, expressed the company’s excitement about launching its platform in France. She acknowledged France’s position as a global innovation leader with a vibrant crypto community, citing the success of events like Paris Blockchain Week. With its expansion into France, Gemini aims to provide compliant and secure access to the future of finance, further supporting the mission to unlock the next era of financial, creative, and personal freedom.
Like many other US-based crypto exchanges, Gemini has faced regulatory challenges on its home turf. These obstacles have prompted the platform to explore international expansion opportunities. Gemini had to address legal issues raised by the US Securities and Exchange Commission (SEC) regarding its now-defunct Earn product, which was labeled as a security. Additionally, the platform is currently facing a lawsuit from New York authorities, alleging investor fraud related to one of its investment products.
To navigate these challenges, Gemini has launched the Gemini Foundation, a non-US derivatives platform, in 30 countries. It has also considered establishing a second headquarters in the United Kingdom. Presently, Gemini operates in over a dozen EU countries and approximately 70 countries worldwide, with additional countries on its expansion roadmap.
The recognition gained through Gemini’s registration as a DASP in France positions the platform well for collaborations with other market players. A notable partnership is with asset manager 7RCC, which has selected Gemini as the crypto trading platform for its environment-conscious spot Bitcoin exchange-traded fund (ETF) application. This highlights Gemini’s growing influence and reputation within the cryptocurrency industry, as it continues to expand its presence globally.
Gemini’s registration as a DASP in France showcases the growing acceptance and adoption of cryptocurrencies within the financial sector. France’s regulatory approval not only allows Gemini to cater to a new audience, but it also emphasizes the importance of compliant and secure platforms in the rapidly evolving crypto landscape. With its comprehensive service offerings, including its website, mobile app, Gemini eOTC, and the ActiveTrader platform, Gemini positions itself as a leading player in the digital asset space.
Gemini’s registration as a Digital Asset Service Provider in France demonstrates its commitment to expanding its market reach while ensuring compliance and security. By providing access to a wide range of cryptocurrencies, Gemini aims to empower users with the tools to embrace the future of finance. With its growing global presence and strategic partnerships, Gemini continues to play a significant role in shaping the crypto industry and unlocking the potential of digital assets.
Leave a Reply