The New York-based cryptocurrency exchange Gemini has revealed that it has been granted a Digital Asset Service Provider (DASP) registration by France’s financial regulator. This development allows the exchange to extend its operations to more than a dozen countries throughout the European Union (EU).
With the DASP registration, awarded by l’Autorité des Marchés Financiers (AMF), Gemini is poised to offer its products to both institutional and retail users in France within the next few weeks, according to an article on Gemini’s website. Once fully operational in France, users will have the ability to trade over 70 digital assets via Gemini’s website and app. Institutional users will also gain access to Gemini eOTC, the platform’s automated over-the-counter trading solution.
Gillian Lynch, Gemini’s Head of Ireland and EU, expressed her enthusiasm about this development in a statement featured in the article. “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,” said Lynch. “France is a global innovation leader and has a vibrant crypto community as showcased by the success of Paris Blockchain Week. We are excited to soon be able to provide French customers with compliant and secure access to the future of finance as we continue on our mission to unlock the next era of financial, creative, and personal freedom.”
In addition, Lynch lauded the EU for its leadership role in crypto regulation, citing specifically the Markets in Crypto-Assets Regulation (MiCA). The article noted that MiCA was “hailed as the most significant crypto-specific regulation in the world to date” after its implementation by the EU in April 2023. According to Gemini, MiCA’s standardized legal framework for all EU members enhances consumer confidence, broadens access to cross-border services and imposes a higher standard of accountability for service providers.
The first major crypto exchange to be granted a VASP license was Binance, the largest crypto exchange in the world, in May 2022, according to a Binance blog post. David Princay, the CEO of Binance France, said in a statement at the time, “The registration of Binance France as a DASP is a key milestone for crypto in Europe. In particular, the new levels of protection for AML [anti-money laundering] will help grow crypto adoption in France and Europe. Greater adoption will help bring better liquidity to the market, which will be welcomed by users and the community in particular.”
Gemini operates under regulation from the New York State Department of Financial Services (NYSDFS), as stated on the company’s website. The exchange outlines its four pillars as product, security, licensing, and compliance. Gemini holds the distinction of being the first crypto exchange in the world to achieve the SOC 1 Type 2 and SOC 2 Type 2 certifications.
