Gemini Exchange is expanding in the European Union as it has landed the French VASP license to operate in the country
Gemini, the crypto exchange founded by the Winklevoss twins, has found increased interest in digital assets in the French market. The exchange has decided to launch operations in France to exploit the growing market base and favorable regulatory climate.
Gemini’s Attraction to France Crypto Markets
According to Gillian Lynch, Gemini CEO of the U.K. and Europe, the decision to expand its operation to France follows a period of careful research. Gemini believes that expanding into France allows it to capture a segment of the trading community there. It hopes to introduce its platform in the coming months and use it as leverage to expand in the European market.
In a recent report on the 2024 Global State of Crypto conducted by Gemini, France’s ranking showed its shareholders grew from 2% in 2022 to 18%. This figure positions France with the highest growth rate “post-crypto winter.”
Interestingly, France emerges as one of the most pro-crypto countries surveyed.
Experts have attributed this ranking to the nation’s proactive regulations of virtual asset service providers (VASP). This includes consumer protection regulation and the broader Markets in Crypto-Assets Regulation (MiCA) reforms, which will be fully rolled out by the end of this year. Primarily, MiCA rules aim to encourage innovative ideas, protect consumers, and ensure fairness for all stakeholders in the crypto space.
These far-reaching reforms have helped reduce the number of people skeptical about the crypto sector. Within two years, those with “regulatory concerns” dropped by 5% from 37% to 32%. With this move, Gemini would join other notable crypto projects in France. Ledger, the hardware wallet manufacturer, and Morpho, the DeFi platform, are both based in France.
The Gemini Global Expansion Beyond the U.S.
Meanwhile, in October, Gemini also secured an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This approval is a crucial step in its expansion beyond the native U.S. market into other continents with crypto-friendly regulations.
This move by Gemini contrasts with its recent decision to leave Canada due to stricter regulatory measures. Several other crypto exchanges have also been pulled out of North America. To avoid complications, users of Gemini in Canada have until December 31, 2024, to withdraw their funds.
Gemini has endeavored to play by the rules in its operations, as indicated by the announcement made in May. The exchange had stated it would return $2.18 billion worth of crypto assets to beneficiaries of the Earn crypto lending program. The assets became inaccessible two years ago, in November 2022, amid market contagion.
