Gemini enters French market ahead of EU-wide crypto rules

Gemini has begun offering its services and products in France, with this coming just weeks before the European Union welcomes the full implementation of the Markets in Crypto-Assets regulation.

The US-based crypto exchange, founded by Cameron and Tyler Winklevoss, revealed the move in an announcement on November 19.

According to the crypto exchange, its launch in France follows the securing of a virtual assets services provider license.

Crypto exchange Gemini expands in France

Gemini registered as a VASP in France earlier this year, getting a regulatory nod from the country’s financial markets watchdog l’Autorité des Marchés Financiers.

That marked the crypto company’s expansion into the EU, having unveiled its headquarters in Ireland in 2022.

The official announcement of its expansion into France marks a key milestone as the EU preps for MiCA’s implementation.

France offers an important market as well as an environment that will boost the Winklevoss twins’ business operations amid the new regulatory regime.

“Gemini’s research into the French market shows its growing interest in digital assets, and a robust regulatory framework presents a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months,” Gillian Lynch, chief executive officer of Gemini UK and Europe, said.

Read more: EU nations fast-track crypto law ahead of MiCA deadline

Key services and products

With this expansion, Gemini will allow its customers to open accounts and deposit, trade and transfer more than 70 crypto assets.

Services will be available both via the Gemini web and mobile app.

Customers will access local payment methods such as debit cards and bank transfers, as well as Apple Pay and others.

Account funding will support the Euro and the British Pound. Meanwhile, institutional traders will have access to advanced trading features such as ActiveTrader™ and electronic over-the-counter trading or eOTC services.

Gemini currently operates in more than 70 countries, and access in France is part of further expansion expected across the EU bloc.

This is because MiCA, passed in the European Parliament in April 2023 and adopted into law after ratification by the EU council, will enter full implementation on December 30, 2024.

The comprehensive crypto regulation is already applying to stablecoin issuers and firms.

Industry players have noted the standardised legal framework means the EU is on track to foster more clarity, encouraging innovation and adoption.

While ownership of cryptocurrencies has risen to make France an important market, other markets are too.

For instance, Gemini’s quest for compliance has seen it secure key licenses across various jurisdictions.

This includes the exchange’s in-principle approval as a Major Payment Institution in Singapore.

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