Gemini’s Strategic Entry into the French Market
Gemini, a prominent cryptocurrency exchange, is set to extend its reach into the French market, having secured approval from the French financial markets regulator, Autorité des marchés financiers (AMF). This authorization positions Gemini as the 105th company to achieve this status, reflecting its commitment to expanding its European footprint. As of January 17, Gemini has announced its operation in France as a Digital Asset Service Provider (DASP), marking an increase in the company’s presence in Europe to over a dozen jurisdictions.
Gemini’s Forthcoming Services in France
The approval by AMF paves the way for Gemini to offer its services in France within the next few weeks. French institutional and retail traders will soon have access to over 70 cryptocurrencies through Gemini. Additionally, institutional traders can leverage Gemini eOTC, an electronic over-the-counter trading platform. Gillian Lynch, the head of Gemini in the European Union and Ireland, expressed enthusiasm about entering the French market, highlighting France’s status as a hub of global innovation and its vibrant cryptocurrency community, as evidenced by the success of Paris Blockchain Week.
The AMF Registration and Licensing Process
In December, French media reported that Gemini and another crypto exchange, OKX, received simultaneous PSAN (DASP) registration from the AMF, with Gemini becoming the 105th registrant. Obtaining a license from the AMF is an additional, optional step demonstrating higher compliance and commitment. Forge, a subsidiary of Société Générale, was the first to receive a PSAN license in July and remains the only license holder listed on the AMF website at the time of writing. Companies must be established in France to acquire a license, a criterion Gemini met by opening its European office in Ireland in May.
Gemini’s Regulatory Landscape in Other Regions
Gemini’s expansion into France occurs amid a broader regulatory context, with the exchange receiving AMF registration in December and Dutch Bitvavo in November. However, Gemini is also navigating legal challenges in the United States, facing lawsuits from the U.S. Securities and Exchange Commission and the New York Attorney General’s office. These lawsuits concern Gemini’s Earn program, operated in partnership with Genesis, an affiliate of the Digital Currency Group (DCG). Gemini has also entered into legal conflicts with Genesis and DCG.
A Significant Step Forward for Gemini
Gemini’s foray into the French market represents a significant milestone in the company’s expansion strategy. This move showcases Gemini’s commitment to adhering to regulatory standards and highlights its ambition to be a key player in the evolving global cryptocurrency landscape. As Gemini prepares to offer its services to the French market, it continues to navigate the complex regulatory environments in Europe and the United States, demonstrating the multifaceted challenges and opportunities in digital asset services.