Gemini Begins Operations In France After VASP Approval

Crypto and web3-based firm Gemini has entered the French market after registering as a Virtual Asset Service Provider (VASP) earlier this year. The company said this step fits with its plan to grow in Europe and use France’s growing interest in crypto and Web3.

French users can now use Gemini’s platform to trade, save, and store over 70 digital assets on its website and mobile apps. They can pay using local options like euros (EUR) and British pounds (GBP) through debit cards, Apple Pay, and bank transfers.

Crypto Ownership In France Grew By 2% Since 2022, Showing Strong Adoption

For advanced traders, Gemini offers its ActiveTrader tool, which has over 80 trading pairs. Big clients, like businesses, can use Gemini’s OTC desk and eOTC system for large trades with deep liquidity.

Gemini sees this move to France as a big step in its plans to grow. The company said France is a good place for crypto because of its friendly rules and support for digital assets. The firm’s market research shows that interest in crypto in France is growing, helped by strong rules that allow platforms to grow.

France has also seen more people owning crypto. The number has gone up by 2% since 2022, making France one of the fastest-growing countries after the crypto winter period.

Gillian Lynch, the Chief Executive Officer of Gemini in the UK and Europe, stated that the company wants to help people use crypto. She added that launching in France is a big step in the firm’s goal to make crypto easy for everyone. Lynch also said Gemini’s research shows France is interested in crypto, and good rules present a chance to grow in Europe over the next months.

Gemini’s 2024 Global State of Crypto report says France is a good place for digital assets. People in France trust crypto more than those in the US and UK. This trust comes from clear rules like the VASP framework in France and the Markets in Crypto Assets (MiCA) regulation by the European Union in 2023. The report also says people in France worry less about rules now than they did two years ago.

Gemini Plans To Make Singapore Its Main Hub In Asia-Pacific

The company also got early approval from the Monetary Authority of Singapore (MAS). This lets Gemini offer cross-border money transfers and digital token services in Singapore, helping the company grow in Asia.

Saad Ahmed, who leads Gemini in Asia, said Singapore is very important to the company’s goals. He shared that Singapore is Gemini’s second-biggest market after the United States. Though Gemini works in 70 countries, Singapore is special because of its large customer base.

As the US brings stricter rules, Gemini sees Singapore as a key spot in Asia-Pacific. The company plans to make Singapore its main hub in the region and is building up its team there.

Gemini has 40 workers in Singapore and wants to double this soon. Ahmed said the company is also moving to a bigger office to welcome more team members.