Gemini Expands European Strategy With Doors Opening in France

• 1 France approved Gemini as a Virtual Asset Service Provider (VASP).
• 2 It is the first step in a broader effort to grow exchange across the European market.
• 3 The move comes amid regulatory scrutiny in the US, spurring crypto to look for opportunities abroad.

Major American cryptocurrency exchange Gemini continues pushing into the European Union, securing regulatory approval this month to launch operations in France.

The green light from French financial regulator Autorité des Marchés Financiers (AMF) lets Gemini offer retail and institutional crypto trading services in the coming weeks.

Approval as a certified VASP signifies a crucial milestone in Gemini’s wider EU growth strategy beyond its current regional headquarters in Ireland.

Navigating the Regulatory Landscape

The US-based exchange emphasized that authorization is vital for its ongoing European expansion plans.

“This approval allows us to bring Gemini’s simple, reliable, and secure platform to investors across France,” said VP of Operations Jeanine Hightower-Sellitto.

The move aligns with recent trends of major American crypto players increasingly eyeing opportunities overseas. This news arrives as domestic US agencies like the Securities and Exchange Commission (SEC) ramp up industry oversight efforts.

Responding to SEC Scrutiny

Gemini itself faces pending charges from the SEC related to its Earn lending product after regulators argued that Gemini offered unregistered securities.

While the Winklevoss-founded exchange refutes these claims, the specter of intensifying US regulation has prodded crypto businesses to consider European jurisdictions more welcoming of digital assets.

The EU’s soon-to-be-implemented Markets in Crypto-Assets (MiCA) regulations also hold promise as a clear crypto regulatory framework.

Following the Regulatory Breadcrumbs

Industry observers have taken note of this developing pattern where crypto heavyweights like Coinbase turn to places like Ireland to serve as regulatory springboards to passport operations across the European Union.

Gemini likewise planted roots in Ireland last spring when staff visited the country and met with regulators about crypto oversight policies.

The exchange heralded EU officials’ openness to engaging with crypto businesses compared to American agencies still finding their footing.

Receiving VASP registration to debut offerings in France proves that regulatory effort is now paying dividends.

Accessing the French Market

With Gemini’s regulatory status secured, French users will soon access the exchange’s suite of trading tools for the 70+ digital assets available.

Both everyday consumers on Gemini’s main platform and professional traders via ActiveTrader will now have account options tailored to their needs.

Institutional investors represent another key constituency that Gemini hopes to onboard in France through its over-the-counter eOTC solution supporting high-value crypto transactions.

Expanding Across Europe

Planting a flag in France augurs further growth across the continent, pending country-by-country licensing.

Gemini’s leaders have already expressed confidence that trendsetting EU regulations like MiCA will ease cross-border expansion once they are in effect.

As more individual member states follow France’s lead and welcome above-board crypto outposts, expect Gemini’s services to emerge across Europe to fill the surging demand.

Approval in a large national economy like France should also significantly boost Gemini’s regional user base and order volumes.

Navigating Ongoing US Cases

Meanwhile, Gemini’s tussle with the SEC over lending products continues playing out stateside with both sides firmly dug in.

How this unfolds may steer crypto regulatory perceptions for years and determine what offerings decentralized platforms can support.

Regardless of the outcome, Gemini’s push abroad hedges its bets by tapping into friendlier European jurisdictions welcoming crypto with clearer policy guardrails.

Winning over regional regulators also bolsters Gemini’s reputation as a compliant exchange through multiple recent audits.

Conclusion

Gemini securing official authorization to operate in France underscores its serious ambitions to scale up across the European crypto economy.

It represents a milestone in a broader EU growth plan beyond just its regional headquarters in Ireland, as the adoption of digital assets surges globally.

Yet, it also symbolizes a tactical response to intensifying US regulatory clampdowns spurring crypto projects to foster goodwill with European oversight bodies early on.

Successfully transitioning from America to planting roots abroad will prove pivotal if Gemini aims to evolve into a dominant global exchange for the Web3 era.