The authorization to function as a digital asset services provider (DASP) in France has been granted to Gemini, a cryptocurrency exchange, by the French market regulator known as the Autorité des marchés financiers (AMF). Gemini is now the 105th firm to get such registration from the AMF as a result of this latest development.
With this permission, Gemini’s presence in European countries has increased to “over a dozen,” as stated in the statement made by the business on January 17.
Gemini to Offer Crypto Services to Both Individual and Institutional Customers
In the next weeks, Gemini plans to make its services accessible to traders in France, providing access to a wide variety of over seventy different cryptocurrencies. These services will be available to both institutional and individual traders. Gemini’s electronic over-the-counter trading platform, known as Gemini eOTC, will also be made available to merchants who are institutional investors.
Gillian Lynch, who is the Head of European Union and Ireland at Gemini, highlighted her enthusiasm at the prospect of giving French consumers access to the future of banking that is both legal and safe.
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As a result of the fact that the registration of Gemini by the AMF coincided with that of the cryptocurrency exchange OKX PSAN, both firms became the 105th registrants jointly. It is important to remember that obtaining a license from the AMF is regarded as an extra step that is also optional.
The first firm to get a PSAN license in July was Forge, which is a subsidiary of the French bank Société Générale. At the current moment, Forge is the only license holder that is published on the website of the Accounting and Management Foundation (AMF). Companies who are interested in obtaining this license are required to be “established in France.”
Gemini Opens Its European Office
In the month of May, Gemini, which has its headquarters in the United States, successfully launched its European office in Ireland. While Bitvavo, a cryptocurrency exchange based in the Netherlands, was registered with the AMF in November, other cryptocurrency exchanges, such as Coinbase and Circle, acquired registration in December.
On the other hand, it is essential to point out that Gemini is presently dealing with a number of legal issues, such as a lawsuit brought by the Securities and Exchange Commission (SEC) of the United States of America and another case brought by the office of the Attorney General of New York.
Gemini’s Earn program, which is run in conjunction with Genesis, an offshoot of the Digital Currency Group (DCG), is at the center of both complaints. Genesis and DCG are also involved in the legal problems that are being litigated.
Gemini’s Entry in the European Market
In spite of these regulatory obstacles, Gemini’s entry into the French market brings another dimension to the ever-changing scene of Bitcoin in Europe. The action taken by the firm is in line with the larger trend of increased regulatory recognition for cryptocurrency exchanges in a variety of locations.
At the same time that Gemini is getting ready to service the French market, the result of its legal challenges in the United States will surely have an impact on the trajectory that it takes within the ever-evolving ecosystem of cryptocurrencies throughout the world. Nevertheless, let’s hope for the best and see how this Germany-France companionship works in the near future.
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