According to CNBC news, the Autorite des marches financiers (AMF) today Gemini approved the exchange as a virtual asset services provider. The company plans to become fully active for French users in the coming weeks after completing the necessary preparatory steps.
Following its official launch in France, Gemini offers its users over 70 different cryptocurrency opportunity to make a series of transactions consisting of will bring. It will be possible to access this through both the website and mobile application, as well as the provision of the ActiveTrader platform.
🇫🇷 Salute! We are thrilled to announce Gemini has been registered as a Digital Asset Service Provider (DASP) by l’Autorité des Marchés Financiers (AMF), the French financial markets regulator.
Following the launch of our EU headquarters in Ireland in 2022, Gemini is now… pic.twitter.com/OXt1CfPh9t
NEWS CONTINUES BELOW— Gemini (@Gemini) January 17, 2024
Gemini’s strategic move to expand into the European Union can be considered part of the growing trend of major US crypto firms seeking growth opportunities in Europe.
This trend is largely attributed to the strict regulatory environment in the United States, specifically the Securities and Exchange Commission (SEC)’s actions towards the crypto industry.
Gemini and crypto debt platform Genesis in particular faced SEC charges the previous year for allegedly offering unregistered securities through Gemini Earn, a program promising high returns. Gemini maintains that its interest-bearing products do not constitute securities and is actively fighting to have the SEC’s lawsuit dismissed.
Gemini’s expansion into France underscores the evolving dynamics of the global cryptocurrency market as firms navigate diverse regulatory environments in their quest for growth and innovation.