Gemini cryptocurrency exchange launches operation in France
Gemini, a leading cryptocurrency exchange based in the United States founded by the Winklevoss twins, has marked a significant milestone in its European expansion. On Tuesday, Cameron and Tyler Winklevoss announced that Gemini would be opening offices in France.
The move represents the most recent crypto expansion in the European Union, as the trading bloc's relationship with the crypto industry is being reshaped by the comprehensive Markets in Crypto-Assets (MiCA) ruleset.
Gemini officially launched its operations in the French market
Earlier this year, the company, which was started in 2014 by Cameron and Tyler Winklevoss, registered as a virtual asset service provider (VASP) in the country. Given "France's proactive engagement with and support of the crypto sector," Gemini, which has operations in more than 70 countries, highlighted the strategic implications of the decision.
In a statement, Gemini CEO of the U.K. and Europe, Gillian Lynch, said, "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." In contrast, a number of cryptocurrency exchanges, such as Gemini, have left Canada, claiming that the country's regulations are becoming more strict.
France becomes one of the most pro-crypto countries
France is home to several of the most significant cryptocurrency projects, such as the DeFi platform Morpho and hardware wallet manufacturer Ledger.
Gemini's 2024 Global State of Crypto report did list France as one of the "most pro-crypto countries surveyed." The country's percentage of cryptocurrency owners has increased by 2% since 2022, reaching 18% overall, "making France the country with the highest growth post-crypto winter."
Gemini chooses France as a strategy to expand across Europe
France's proactive regulation of VASPs, which includes consumer protection, and the broader MiCA reforms that are expected to be fully implemented by the end of the year are credited with this surge in interest, the report claims.
According to reports, the percentage of the population that has "regulatory concerns" about the sector has decreased from 37% two years ago, during the peak of the bear market, to 32% today.
The adoption of digital assets in France is anticipated to increase as a result of Gemini's presence there. With the recent news, users in France can now create Gemini accounts and use the platform's web or mobile app to trade or store more than 70 digital assets. Debit cards, bank transfers, and Apple Pay are among the local payment methods that French customers can use to fund their accounts. The Euro and British Pound are also supported.
Gemini offers its institutional clients who want deep liquidity and competitive pricing access to advanced trading features like its ActiveTrader platform and its over-the-counter trading services.
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