Gemini Gains Regulatory Clearance in France
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.
Read more: Ethereum Dencun Testnet Upgrade Fails To Finalize As Expected
“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.
Read more: Sam Bankman Fried’s Parents Seek FTX Lawsuit Dismissal
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.
