Gemini launches services in France as country’s trust in crypto increases

Gemini has officially launched its operations in France, marking the next phase of its European expansion.

After registering as a Virtual Asset Service Provider earlier this year, the company benefits from France’s growing crypto ecosystem and regulatory support.

The move allows users in France to open Gemini accounts and trade or store more than 70 digital assets via the platform’s web or mobile app, according to a Gemini press release obtained by Crypto.news.

French customers can also fund their accounts using local payment methods such as debit cards, bank transfers and Apple Pay, with support for Euros and British Pounds. Gemini’s advanced trading features, such as the ActiveTrader™ platform and over-the-counter trading services, are also available for institutional clients seeking deep liquidity and competitive pricing.

“Gemini’s research into the French market shows growing interest in digital assets, and a robust regulatory framework provides a unique opportunity to introduce our platform to the trading community and expand our presence in the European market in the coming months.”

Gillian Lynch, UK and Europe CEO of Gemini

France’s interest in crypto is growing

France has emerged as a major player in the global crypto market, supported by a newer regulatory framework that encourages innovation.

Crypto ownership in France has increased by two percentage points to 18% since 2022, according to Gemini’s 2024 Global State of Crypto report. This increase comes despite the challenges of the “crypto winter,” a prolonged decline in digital asset prices.

According to the report, French participants trust crypto money more than their counterparts in the US and UK. This confidence is attributed to France’s VASP regime and the European Union’s MiCA regulation, which will be implemented in 2023 to provide clear rules for crypto businesses across the EU.

According to the report, the majority of French crypto holders (62%) view digital assets as long-term investments, with 46% purchasing their first cryptocurrency three to five years ago. Almost half (49%) of previous crypto holders in France are expected to re-enter the market within the next year, and 28% plan to allocate 5% of their portfolio to crypto.

While anti-fraud security measures were the most important factor in building trust in the crypto industry for 43% of survey respondents, only 32% of past and non-cryptocurrency holders mentioned regulatory concerns; this rate was 37% in 2022.

According to the report, despite a 10 percent decline since 2022, women represent 35 percent of crypto holders in France, among the highest rates globally.

Last month, Gemini received in-principle approval from the Monetary Authority of Singapore for its Major Payments Institution license.