Catenaa, Monday, November 25, 2024 – Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has launched operations in France after securing a Virtual Asset Service Provider (VASP) license, reports said lastweek.
The expansion reflects Gemini’s strategy to capitalize on France’s supportive regulatory environment and growing interest in digital assets.
Gemini, which operates in over 70 countries, described France as a key market in its European growth strategy, citing the nation’s proactive regulatory framework under the broader Markets in Crypto-Assets (MiCA) legislation.
These regulations are set to be fully implemented across the European Union by the end of the year.
France’s regulatory environment and increasing public interest in digital assets present a unique opportunity to expand our platform, Gemini UK/Europe said.
The company’s 2024 Global State of Crypto report noted that 18% of French citizens now own crypto, up from 16% in 2022, marking the highest post-crypto winter growth among surveyed countries.
France’s approach to regulating VASPs, which includes robust consumer protections, has been credited for reducing public skepticism about crypto.
The share of French citizens with “regulatory concerns” fell from 37% in 2022 to 32% this year.
Gemini’s expansion contrasts with its recent withdrawal from Canada, citing tightened regulatory requirements there. The move also highlights France’s role as a hub for the crypto industry, hosting prominent players like hardware wallet maker Ledger and DeFi platform Morpho.
The expansion underscores Gemini’s efforts to rebuild after setbacks, including the collapse of its Earn lending program and a $37 million regulatory settlement in the US.
