Gemini, an exchange for buying and selling digital currencies, has begun its operation in France, which may be regarded as a serious step in the development of its business in Europe. The decision is made at the time when France rises to be one of the leaders in the global cryptocurrency market due to the existing regulation and citizens’ trust in digital assets. The admission into the French market comes after Gemini registered to operate as a Virtual Asset Service Provider (VASP) this year.
French users are now allowed to use Gemini’s platform and trade bitcoin, ethereum and over 70 other cryptocurrencies for storage and for trading via web-terminal or the application for portable devices. They provide local payment systems such as debit cards, bank transfers, and Apple Pay to their clients. Aligned with Institutional clients, Gemini offers an enhanced ActiveTrader™ portal and also conventional OTC trading solutions, which include deep liquidity and a cheaper cost structure.
On choosing France as one of the future Gemini expansion directions, Gillian Lynch, the company’s CEO for the UK and Europe mentioned the recent changes to the country’s cryptermission regulations. Through the innovative approach in the regulation of cryptocurrencies and the increased demand from consumers the country has a perfect environment for cryptographic-based businesses. The Gemini 2024 Global State of Crypto revealed that cryptos are currently owned by 18% of French people, up from 16% in 2022.
The survey also produced evidence that French crypto owners are largely buy-and-hold investors: 62% of them consider cryptos to be the future of their investment. However, 49% of the French who used crypto before will repurchase crypto in the next 12 months, and 28% plan to allocate more than 5% of their gross investable wealth into crypto.
France’s approach to the regulation of crypto and Blockchains, such as the VASP regime and the recent European Union’s Markets in Crypto Assets (MiCA) regulation, have helped create trust in the crypto Industry. Such frameworks have brought about a clear understanding for the business as well as the users, thus placing France at the frontline in advancing the development of crypto assets. Nevertheless, security is still an important issue for French investors, with 43% stating that fraud prevention is the key reason for gaining public confidence.
The introduction of Gemini in France is done to support the company’s international expansion strategy. Recently the company has got the in-principle approval of the Monetary Authority of Singapore for the Major Payment Institution license and this added to its international presence. I these developments coincide with Gemini’s strategy to expand to more markets in regions which the regulation favours this sort of growth.
Should more heavyweight players like Gemini decide to enter the French market, the country’s leading position in both adoption and regulation might be further accelerated. It also opens new possibilities for investors and organizations in the region. It demonstrates that countries committed to the development of the crypto industry but that do not want to become hell-bent on regulation should follow the example of France’s moderate approach.
This new expansion comes at the right time, given that institutions are now turning their attention to cryptocurrencies and blockchain technology. Hopefully, many conservative investors will be attracted by the compliance with regulations and the measures associated with security taken by the company. This is particularly important given the fact that, as the European crypto market develops, the position of France as a hub for innovation in digital assets is likely to become even more significant, with potential implications for the formation of unified EU approaches to digital assets regulation and adoption.
