Crypto Exchange Gemini Receives Greenlight to Begin Operations in France

9 months ago 6

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The French financial markets regulator, Autorité des Marchés Financiers (AMF), has granted approval to the cryptocurrency exchange Gemini to commence its services in France, expanding Gemini’s operational presence to more European countries.

“With a French DASP registration, Gemini products will be available to retail and institutional users across France in the coming weeks,” the statement declares.

Gemini Expands Operations to Another European Country

According to a recent statement, the approval by French regulators, now means that Gemini is operational in more than 12 European countries.

“Following the launch of our EU headquarters in Ireland in 2022, Gemini is now operational in more than a dozen EU countries and more than 70 countries worldwide, with more countries on the roadmap.”

It highlights that upon activation, customers in France will gain access to the trading platform. Furthermore, have the ability to actively trade over 70 cryptocurrencies on both the website and mobile app.

In 2022, French regulators approved the operations of major crypto exchanges Binance and Crypto.com within the country.

However, the government closely monitors the advertising of crypto to its citizens. This ensures that promotional and marketing materials accurately convey information.

This is especially the case with influencers promoting crypto products. In September 2023, BeInCrypto reported that AMF now offers social media influencers the opportunity to obtain a certificate to showcase their competency in financial markets and crypto.

European Regulators Continue to Monitor Crypto

To obtain the “Responsible Influence Certificate,” influencers must score 75% or more on a 25-question exam. However, this module is only available after completing the broader “general” certificate.

Last year, the majority of finance ministers in Europe approved the Market in Crypto-Assets (MiCA) legislation.

The MiCA rules are particularly aimed at closing the loopholes in the system that allow avoiding taxes. Sweden’s Finance Minister, Elisabeth Svantesson, says, “This reduces the risk of crypto assets being used as a safe haven for tax avoidance and tax fraud.”

However, the MiCA bill suffered multiple delays, but was deemed necessary, especially after the FTX collapse. Meanwhile, in May last year, it received approval from EU members. Furthermore, all 27 finance ministers cast their final votes in favor of the MiCA law.