Gemini Exchange Expands to France Ahead of EU Crypto Regulations

TLDR

• Gemini launches operations in France ahead of EU’s MiCA regulations
• French users can now deposit, trade, and store digital assets on Gemini
• Companies registered before year-end can operate while securing MiCA licenses
• Gemini secured French digital asset registration in December
• Expansion across EU’s 27 nations planned after MiCA implementation

Cryptocurrency exchange Gemini has begun operations in France, marking a strategic expansion into the European market just weeks before the implementation of new EU-wide cryptocurrency regulations. The New York-based exchange, founded by Cameron and Tyler Winklevoss, announced the launch on Tuesday, November 19, 2024.

French customers, both retail and institutional, can now access Gemini’s platform to trade and store digital assets. The exchange has implemented local payment options, including debit card transactions and bank transfers, to facilitate easy access for French users.

The timing of Gemini’s French launch aligns with the approaching implementation of the Markets in Crypto Assets (MiCA) regulations, the European Union’s comprehensive framework for cryptocurrency regulation. These regulations will take full effect at the end of 2024, though some provisions related to stablecoins have been active since June.

Under the MiCA framework, crypto companies registered in EU member states before the year-end deadline will be permitted to continue operations while they work toward securing their full licenses. For companies registered in France, this transitional period extends to 18 months.

Gemini’s preparation for this regulatory shift began in December when its affiliate, Gemini Intergalactic Europe, obtained digital asset service provider registration in France. The company has also secured registration with Ireland’s central bank, demonstrating its commitment to establishing a strong European presence.

Gillian Lynch, who serves as Gemini’s CEO for the UK and Europe, highlighted the company’s market research indicating growing French interest in digital assets. The robust regulatory framework in France presented what Lynch described as “a unique opportunity” to introduce Gemini’s platform to the French trading community.

The launch in France represents the first step in Gemini’s broader European expansion strategy. Once MiCA regulations are fully implemented, companies that secure approval in one EU member state will gain the ability to operate across all 27 nations in the trading bloc.

France, as the EU’s second-largest economy, offers Gemini access to a substantial market of potential cryptocurrency users. The country’s developed financial sector and increasing acceptance of digital assets make it an attractive entry point for cryptocurrency businesses looking to establish a European presence.

The exchange’s European expansion comes at a time when the cryptocurrency market is experiencing notable developments. The platform’s launch provides French users access to various digital assets and trading services that meet local regulatory requirements.

Gemini’s decision to enter the French market reflects a growing trend of cryptocurrency exchanges seeking to establish regulated operations in key European markets. The move demonstrates the industry’s shift toward embracing regulatory frameworks while expanding their services.

The platform’s French operations include standard cryptocurrency exchange features such as spot trading and custody services. Users can access these services through Gemini’s web platform and mobile applications, with full support for Euro-denominated transactions.

For French institutions interested in cryptocurrency investments, Gemini offers specific services designed to meet their needs. These include institutional-grade custody solutions and trading services that comply with local regulations.

The registration process for French users includes standard know-your-customer (KYC) and anti-money laundering (AML) procedures, aligning with both current French regulations and upcoming MiCA requirements. This ensures a smooth transition when the new EU-wide regulations take effect.

Technical infrastructure for the French operation includes local payment processing capabilities and integration with French banking systems. This allows for seamless deposits and withdrawals in euros through various payment methods available to French customers.

The exchange has implemented customer support in French, with local teams available to assist users with account setup and trading activities. This localization effort demonstrates Gemini’s commitment to serving the French market effectively.