Gemini Crypto Exchange Receives Approval to Operate in France Despite Tensions with U.S. Regulatory Authorities

Gemini, one of the largest crypto exchanges in the world operated by billionaire twins Tyler and Cameron Winklevoss, has received regulatory approval to launch its virtual asset services in France. Gemini informed CNBC exclusively that the AMF authorized it as a virtual asset service provider, clearing the way for a rollout in the coming weeks.

According to Gillian Lynch, Head of EU at Gemini, this approval signifies a major milestone in the exchange’s strategy to broaden across the continent utilizing the passporting rules under the MiCA regulation. Once live, retail and institutional clients in France will access Gemini’s diverse crypto trading and custodial offerings on its website and mobile app.

The green signal in France takes on added importance as prominent US crypto players shift focus to the EU, seeking a more accommodating regulatory environment. Ongoing litigation and uncertainty over regulations at home are pushing operators to establish European bases and leverage the single market access under MiCA. Analysts believe this trend will intensify regulatory competition and encourage progressive rule-making on both sides of the Atlantic.

Gemini Expands Crypto Access in France

With AMF’s approval, Gemini will soon activate the entire range of crypto trading services for individual and institutional investors in France. With over 70 crypto assets listed for purchase, clients in France can trade on both basic and advanced platforms. Institutional customers will benefit from the electronic OTC solution as well.

According to Lynch, the final legwork is underway to integrate the French market smoothly into Gemini’s infrastructure. Once up, residents nationwide will be able to stand equal to others globally in participating in the emerging digital asset economy. The exchange emphasizes upholding high regulatory, risk and custody standards regardless of the jurisdiction to build long-term trust.

Regulatory Ambiguities drive US Exchanges to expand in Europe

Cryptocurrency operators from the US have increasingly set up bases within the EU as uncertainties over rules back home persist. US regulators like the SEC have taken action against several platforms while comprehensive federal laws are still pending. Gemini and another provider faced lawsuits last year for an interest-bearing product the SEC alleged involved unregistered securities.

Gemini co-founders Tyler and Cameron Winklevoss observed clearer signals of support plus the need for harmonized standards during EU visits. Europe’s coordinated MiCA framework presented a ‘passport’ to reach its common market with a single license. In May, Gemini thus chose Ireland as its European headquarters to leverage these advantages. Peer Coinbase took similar steps to cater to clients via a centralized EU presence.

Analysts note that while recent US regulatory developments on crypto are progressive, like the approval of the first bitcoin ETFs, ambiguities over other offerings continue hampering the industry. Unless a comprehensive charter is passed domestically, many prominent exchanges may find the EU a more conducive environment to service global customers under a standardized regime.