Gemini Secures Registration in France
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has successfully secured registration with the French financial regulator, Autorité des Marchés Financiers (AMF). This milestone allows Gemini to operate in France and marks another significant step in the company’s global expansion.
Gemini’s entry into the French market comes after a rigorous evaluation process conducted by the AMF. The exchange had to demonstrate compliance with the necessary regulatory requirements, including anti-money laundering (AML) and know-your-customer (KYC) procedures. The approval from the French regulator is a testament to Gemini’s commitment to maintaining the highest standards of security and compliance in the cryptocurrency industry.
Gemini’s expansion into France is expected to happen within weeks, providing French investors and traders with a regulated platform to buy, sell, and store cryptocurrencies. This move aligns with Gemini’s mission to build a bridge between traditional finance and the emerging world of cryptocurrencies.
The approval from the AMF allows Gemini to operate as a Virtual Asset Service Provider (VASP) in France. This designation is crucial as it enables Gemini to comply with the European Union’s Fifth Anti-Money Laundering Directive (5AMLD). The 5AMLD requires VASPs to implement robust AML and KYC procedures to prevent money laundering and terrorist financing.
Gemini’s expansion into France also comes at a time when the country’s President, Emmanuel Macron, has expressed support for the crypto industry. Macron believes that cryptocurrencies and blockchain technology have the potential to transform the financial sector and boost economic growth. His endorsement further highlights the growing acceptance and recognition of cryptocurrencies by mainstream institutions and governments.