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The well-known cryptocurrency exchange Gemini has successfully registered with the French financial markets regulator Autorité des marchés financiers (AMF) as a digital asset service provider (DASP). This event follows Gemini’s calculated decision to locate its EU headquarters in Ireland in 2022, which strengthened the company’s position in more than a dozen EU countries and 70 other countries worldwide. Gemini also has ambitions to expand even further in the near future.
With the DASP registration clearing the path for the immediate launch of its full range of cryptocurrency products in France, Gemini has positioned itself to serve both institutional and retail consumers in that nation. Gemini’s Head of EU and Ireland, Gillian Lynch expressed enthusiasm about the expansion, stating, “We are delighted to welcome customers based in France onto the Gemini platform in the coming weeks as we further expand access to crypto across Europe.”
The registration goes hand in hand with the European Union’s (EU) legislative initiatives to regulate the crypto-asset legal environment by putting the Markets in Crypto-Assets Regulation (MiCA) into effect. Adopted in April of the previous year, the purpose of this regulatory endeavor is to increase service providers’ responsibility and provide customers more trust when it comes to using and investing in crypto-assets.
In addition to addressing the accountability issue, MiCA’s creation of a uniform regulatory framework throughout the EU promotes an environment that increases consumer trust in cryptocurrency-related operations. Additionally, the harmonization promotes a competitive and diversified market environment inside the EU by facilitating easy access to cross-border crypto services.
Gemini’s calculated actions, including setting up its EU headquarters and obtaining regulatory registrations, fit in with the way regulations are changing. Such aggressive actions establish Gemini as a major participant in the business, guaranteeing regulatory compliance while extending its worldwide reach, as the cryptocurrency market continues to evolve.
Gemini’s French DASP registration paves the way for future growth and improved accessibility for its products throughout Europe. With a broad roadmap encompassing other nations, Gemini is still well-positioned to handle the shifting regulatory environment and give consumers a safe and legal platform on which to interact with cryptocurrencies.