Last Updated on 1 month by cryptoevent
Gemini, the cryptocurrency exchange established by the Winklevoss twins, has received official cryptocurrency registration from the French financial market regulator, Autorite des marches financiers (AMF). The recent announcement from the exchange highlights that this regulatory approval empowers Gemini to function as a virtual asset services provider in France, with plans to introduce its offerings to both retail and institutional clients in the coming weeks.
Expanding its Reach in Europe
Gemini’s clientele in France will soon enjoy access to a diverse array of cryptocurrencies for trading, along with sophisticated trading platforms like ActiveTrader. Institutional clients are set to benefit from Gemini eOTC, an electronic over-the-counter trading solution.
The regulatory green light in France represents a significant milestone in Gemini’s European expansion strategy. According to the exchange, the supportive regulatory environment for the cryptocurrency industry in Europe positions Gemini for growth opportunities within the French jurisdiction.
Addressing Regulatory Clarity
Gemini’s founders recognize the importance of regulatory clarity, a vision aligning with the forthcoming European Union (EU) Markets in Crypto-Assets Regulation (MiCA). MiCA enables crypto companies to secure licenses in one EU country and operate seamlessly across the entire EU. Notably, Gemini has chosen Ireland as its European headquarters, aligning with other major US crypto companies selecting Ireland as their regulatory hub.
Gillian Lynch, Gemini’s Head of Ireland and EU, expressed enthusiasm for welcoming French customers onto the Gemini platform. She emphasized the commitment to providing compliant and secure access to the future of finance, aligning with Gemini’s broader mission to unlock financial, creative, and personal freedom.
US Crypto Companies Embrace European Regulatory Landscape
According to a CNBC report, prominent US crypto companies are increasingly turning their focus to expanding operations in Europe due to regulatory challenges in the United States. Scrutiny from US regulators, including the Securities and Exchange Commission (SEC), has driven this shift. Gemini and Genesis, a crypto lender, faced SEC charges last year related to the alleged sale of unregistered securities. Gemini is actively contesting the lawsuit, asserting that its interest-bearing products do not qualify as securities.
The European Union’s perceived more favorable regulatory environment and the MiCA regulation, providing a framework for operations across EU member states, make Europe an attractive destination for US crypto companies.
US Regulatory Landscape Evolving
While comprehensive federal-level crypto regulation is pending in the US, recent developments signal a growing acceptance of cryptocurrency trade. The SEC’s approval of the first spot Bitcoin exchange-traded funds (ETFs) is viewed as a significant step toward integrating crypto into traditional finance. Despite initial concerns about market manipulation, this approval is seen as a positive development for the industry. Simultaneously, various bills related to crypto regulation are progressing through the US House of Representatives.