As a seasoned researcher who has been following the cryptocurrency market for years now, I find it quite intriguing to see Gemini, the Winklevoss-founded exchange, expanding its operations into France. This move, coming months after securing a DASP registration from the AMF, seems like a strategic step in tapping into the growing interest and favorable regulatory environment in the region.
The digital currency trading platform, Gemini, established by the Winklevoss twins, has now gone live in France, marking almost a year since they obtained approval as a Digital Asset Service Provider (DASP).
Through the recent launch, users from the area can now deposit, trade, and save a minimum of 70 different digital assets using either their web or mobile devices. This information was shared with CryptoMoon on November 19th.
The exchange’s entry to the market comes months after Gemini received the DASP registration from the French markets regulator, Autorité des Marchés Financiers (AMF), in January.
Gemini’s UK and Europe CEO, Gillian Lynch, shared with CryptoMoon that they have dedicated efforts to customize and enhance their product for French clients. This includes translating the platform into French and providing a complete range of services tailored for them.
Users can deposit with euros and British pounds
By entering the French market, users can now deposit funds in euros or British pounds using local payment methods like debit cards, bank transfers, and Apple Pay.
The news stated that sophisticated traders are enabled to utilize Gemini’s investment platform, boasting over 80 trading options and providing multiple Application Programming Interface (API) integration possibilities.
In addition to individual traders, Gemini’s services in France cater to institutional investors as well. These larger entities have the ability to execute trades through Gemini’s over-the-counter (OTC) platform, which facilitates off-exchange transactions involving cryptocurrencies such as Bitcoin (BTC).
Furthermore, organizations may find value in using Gemini’s eOTC (over-the-counter) trading system, specifically tailored for executing sizeable trades with substantial liquidity.
Right now, we’re examining different possibilities to broaden the range of services we offer, along with enhancing the payment methods, aiming to provide more convenience and variety for our valued French clients,” Lynch pointed out.
France has more trust in crypto than the US or the UK, Gemini says
Gemini considers France an important market for its business strategy, given the increasing acceptance of cryptocurrencies within the country and its supportive legal framework.
According to Lynch’s findings on the French market, there’s a noticeable rise in their fascination towards digital assets.
“A robust regulatory framework presents a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months.”
According to a study by Gemini on cryptocurrency adoption, the proportion of French people owning cryptocurrencies has increased by 2% in the last two years, making France the country with the swiftest growth in its crypto economy following the ‘crypto winter’.
Previously undisclosed information was brought up by Gemini, suggesting that French respondents have a higher level of trust in cryptocurrency compared to their counterparts in the United States and the UK.
Based on Gemini’s analysis, it seems plausible that the implementation of France’s DASP regime and the European Union’s cryptocurrency regulatory framework, known as MiCA, have contributed to this situation.
According to Lynch’s statement, it’s apparent that MiCA has begun yielding favorable outcomes. Our latest Cryptocurrency Report reveals that French citizens have a greater trust in crypto compared to individuals from non-EU countries we surveyed.
“France is a key market for Gemini given its pro-crypto stance and forward-thinking approach to regulation given MiCA, which aligns closely with Gemini’s vision.”
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2024-11-19 16:01