The next stage of Gemini’s European expansion began with the official start of operations in France.
The business is taking advantage of France’s expanding cryptocurrency ecosystem and legislative support after registering as a Virtual Asset Service Provider earlier this year.
According to a Gemini press statement, the move enables customers in France to register Gemini accounts and trade or store more than 70 digital assets via the platform’s web or mobile app.
With support for the Euro and British Pound, French consumers can now load their accounts with regional payment methods like bank transfers, Apple Pay, and debit cards.
Institutional clients looking for deep liquidity and competitive pricing can also take advantage of advanced trading capabilities, including Gemini’s ActiveTraderTM platform and its over-the-counter trading services.
Gemini’s research into the French market shows its growing interest in digital assets, and 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.”
Gillian Lynch, Gemini’s CEO of UK & Europe
France’s growing interest in crypto
With the help of a more recent regulatory environment encouraging innovation, France has become a major player in the global cryptocurrency market.
The percentage of French citizens who possess cryptocurrency has increased to 18%, up two percentage points from 2022, according to Gemini’s 2024 Global State of Crypto study.
Despite the difficulties caused by the “crypto winter,” a protracted decline in the value of digital assets, this increase has occurred.
According to the report, respondents in France had a higher level of trust in cryptocurrency than those in the US and the UK.
The European Union’s MiCA law, which was implemented in 2023 to establish clear guidelines for cryptocurrency enterprises throughout the EU, and France’s VASP regime are credited for fostering this confidence.
According to the survey, 46% of French cryptocurrency owners bought their first cryptocurrency three to five years ago, and the majority (62%) of them saw digital assets as long-term investments.
In France, nearly half (49%) of former cryptocurrency owners anticipate returning to the market in the upcoming year, and 28% intend to dedicate 5% of their portfolios to cryptocurrency.
Only 32% of previous and non-owners mentioned regulatory worries, down from 37% in 2022, while 43% of respondents said that fraud prevention measures are the most important element in fostering trust in the cryptocurrency sector.
According to the survey, despite a 10% decrease since 2022, women still make up 35% of cryptocurrency owners in France, making them among the largest in the world.
Gemini received Singapore’s Monetary Authority’s in-principle approval for a Major Payment Institution license last month.
