Gemini Gains Regulatory Clearance in France

Published: Jan 17, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

Cryptocurrency exchange Gemini has secured official registration from French regulators to provide digital asset services in the country, according to CNBC. The authorization cements the growing allure of Europe as a prime destination for US crypto companies navigating stricter domestic oversight.

  • Gemini wins regulatory green light from the French watchdog to serve both retail and institutional crypto clients.
  • The approval follows the exchange setting up EU headquarters in Ireland amid a friendlier European regulatory environment.
  • Development highlights Europe’s emergence as a crypto innovation hub with comprehensive rules like MiCA.

The Paris-based regulator Autorite des marches financiers (AMF) certified Gemini to commence French operations as a licensed Virtual Asset Service Provider (VASP). The firm expects to fully launch trading, custody, and other offerings in the coming weeks once final preparations conclude.

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“This latest regulatory approval in France represents a significant moment in our European expansion,” said Gillian Lynch, Gemini’s head of Europe.

Gemini receives clearance after the revamp of its product lineup

The clearance comes shortly after Gemini preemptively revamped its product lineup last summer in anticipation of an SEC crackdown on crypto lending programs. The agency charged Gemini and Genesis over allegedly unregistered securities offerings, which the company vehemently denies.

Like rival exchange Coinbase, Gemini has pivoted to Europe for growth given regulators’ more defined rules for digital assets. The EU’s sweeping Markets in Crypto-Assets (MiCA) regulation allows streamlined passporting to operate across the entire bloc.

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Both crypto firms chose Ireland as the hub of their European operations to take advantage of MiCA’s provisions once implemented. The rise of crypto innovation centers like Ireland contrasts with US agencies only now beginning to approve even basic vehicles like Bitcoin ETFs.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.