Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, launched its platform in France almost a year after securing a digital asset service provider (DASP) registration.
The launch allows local users to deposit, trade and store at least 70 digital assets on web or mobile devices, the company told Cointelegraph on Monday, Nov. 19.
The exchange’s entry to the market comes after Gemini received the DASP registration from the French markets regulator, Autorité des Marchés Financiers (AMF), in January.
“We’ve taken the time to localize and optimize our product for French customers, ensuring that our platform is translated into French and that we can offer our full suite of services,” Gemini’s United Kingdom and Europe CEO Gillian Lynch told Cointelegraph.
Users can deposit with euros and British pounds
Gemini’s entry into the French market allows users to make deposits in euros and British pounds through local payment options such as debit cards, bank transfers and Apple Pay.
The announcement said that advanced traders can access Gemini’s investment platform, which supports more than 80 trading pairs and offers various application programming interface (API) integrations.
Gemini’s offering in France also supports institutional investors, who can trade on Gemini’s over-the-counter (OTC) desk, which involves buying and selling cryptocurrencies like Bitcoin (BTC) off-exchange.
Additionally, institutions can benefit from Gemini’s eOTC trading system, which is designed to execute large orders with deep liquidity.
“We’re currently exploring options to expand our services, as well as payment rails to improve accessibility and choice for our French customers,” Lynch said.
France has more trust in crypto than the US or the UK, Gemini says
Gemini views France as a strategic market due to the country’s growing cryptocurrency adoption and favorable regulatory environment.
“Gemini’s research into the French market shows its growing interest in digital assets,” Lynch said, adding:
“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.”
Lynch referred to Gemini’s crypto adoption survey, which suggested that France’s percentage of crypto owners increased 2% over the past two years, marking France as the fastest-growing crypto economy post-crypto winter.
Crypto ownership by country. Source: Gemini’s 2024 Global State of Crypto report
Gemini also mentioned previously unreleased data indicating that respondents in France trust crypto more than those in the US and the United Kingdom.
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According to Gemini, this is likely a consequence of France’s DASP regime introduction, coupled with the European Union’s crypto regulatory framework, the Markets in Crypto-Assets Regulation (MiCA).
“We have already started to see the positive impacts of MiCA, with our State of Crypto report showing that trust in crypto is higher in France compared to the other countries surveyed that are not within the EU,” Lynch noted, adding:
“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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