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Gemini Embarks On French Crypto Odyssey, Secures AMF Approval

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Gemini, the renowned cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is poised to make a significant stride into the French market. The platform has successfully secured registration as a Digital Asset Service Provider (DASP) from l’Autorité des Marchés Financiers (AMF), the esteemed French financial markets regulator.

Gemini’s Commitment To Regulatory Compliance

2023 witnessed global jurisdictions making substantial progress in crafting thoughtful crypto regulations. Gemini’s expansion into France is part of its broader international strategy. The exchange, having launched its EU headquarters in Ireland in 2022, is now operational in over a dozen EU countries and more than 70 countries worldwide.

The exchange’s move follows the footsteps of other crypto entities eyeing the French market. In December 2023, stablecoin issuer Circle received conditional registration as a digital asset service provider from the AMF and appointed Coralie Billmann as the Head of French Operations.

Gemini’s foray into France aligns with its consistent monthly trading volume growth. The exchange recorded $1.58 billion in spot trading volume in December 2023, marking a noteworthy 26.4% increase compared to the preceding month, according to The Block’s Data.

With the recent French DASP registration, the exchange is gearing up to make its products accessible to both retail and institutional users in France in the coming weeks. This move follows the final preparations to open up access to the Gemini platform in the country. 

French customers can expect seamless trading of over 70 cryptocurrencies on the Gemini website and mobile app, along with access to the high-performance ActiveTrader platform. Institutional clients will also benefit from Gemini eOTC, the electronic over-the-counter trading solution that offers fully automated crypto trading with deep liquidity and delayed settlement.

Gillian Lynch, Gemini’s Head of Ireland and EU, expressed excitement about welcoming French customers onto the platform:

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. 

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Circle Charts Regulatory Milestone In France, Taps Payment Industry Expert for Key Role

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Global financial technology firm Circle, renowned for issuing stablecoins such as USDC and EURC, revealed in a press release on December 21st that it has received conditional registration as a Digital Asset Service Provider (DASP) with the French Financial Markets Authority (AMF).

The announcement underscores the company’s commitment to France and the European Union, with the firm also disclosing the appointment of Coralie Billmann, a seasoned professional in the payments industry, to lead its licensed operations in the country. However, Billmann’s role is contingent upon regulatory approval.

To initiate operations in France, Circle must fulfill the conditions tied to its registration by obtaining approval as a payment services provider (PSP) or registration as an agent of a PSP. The company is currently in the process of obtaining an Electronic Money Institution license to satisfy this requirement.

Billmann brings a wealth of experience to her role at Circle, having played a pivotal role in launching the payments activity of 3S Money Club in Europe and serving in leadership positions at JP Morgan and PayPal. Her strong background in compliance and finance positions her to play a crucial role in ensuring MiCA readiness and passportability for Circle’s products and services.

Jeremy Allaire, Co-founder, CEO, and Chairman at Circle, emphasized the company’s commitment to a regulatory-first approach, citing the conditional DASP registration in France as a significant milestone. He praised Billmann’s expertise:

With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France.”

Circle’s Regulatory Vision

Circle aims to bring its European operations under comprehensive EU oversight by securing both a full DASP and Electronic Money Institution license. This aligns with the stringent standards the Autorité de Contrôle Prudentiel et de Résolution (ACPR) set and ensures compliance with the forthcoming Markets in Crypto-Assets (MiCA) regime.

Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy highlighted the strategic selection of France as their European regulatory base, citing the country’s clear rules for responsible innovation in fintech and digital assets.

Meanwhile, Coinbase, a major player in the crypto space, has also secured authorization from the AMF as a Virtual Assets Service Provider (VASP). This move positions Coinbase to custody digital assets and offer and facilitate crypto trading in France, aligning with EU and international regulations. Additionally, Coinbase has expanded its services to institutional foreign investors outside the United States, enabling them to trade Bitcoin and Ether against USD Coin.

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Binance Breaks New Ground: Becomes El Salvador’s First Fully Licensed Crypto Pioneer

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Binance, a leading cryptocurrency exchange, has achieved a significant milestone by becoming the first fully licensed crypto exchange in El Salvador. This achievement comes after the exchange was granted both the Bitcoin Services Provider license (BSP) by the Central Reserve Bank and the first non-provisional Digital Assets Services Provider license (DASP) by the National Commission of Digital Assets.

El Salvador, renowne­d as the pioneer country to officially re­cognize Bitcoin as a legal tende­r in 2021, has demonstrated a leading role­ in embracing the world of cryptocurrency. The­ recent licensing obtaine­d by Binance serves to solidify the­ nation’s steadfast commitment to fostering innovation within the­ digital asset realm.

Binance’s Commitment To Global Standards

In an official blog post, the company expressed its pride in achieving this regulatory approval. Min Lin, Binance’s Head of Latin America, expressed deep appreciation for the license grant, highlighting the global collaborative efforts between Binance and regulatory bodies.

The te­am dedicated months of hard work to bring forth this announceme­nt, showcasing their commitment to both the Salvadoran marke­t and its users. In addition, Lin expresse­d gratitude towards the Central Re­serve Bank and the National Commission of Digital Asse­ts for their vital contributions while also praising the thriving blockchain te­chnology sector in El Salvador.

The lice­nses obtained by Binance re­present a crucial milestone­ in its endeavor to expand and ope­rate in prominent global markets. Having gaine­d approvals and registrations in 18 markets, including re­nowned regions such as France, Italy, Spain, Swe­den, and Dubai, Binance has firmly establishe­d itself as a major player within the cryptocurre­ncy exchange landscape.

Daniel Acosta, the Binance General Manager for Colombia, Central America, and the Caribbean, highlighted the broader implications of the licenses.

These licenses allow Binance to expand the products and services offered, including options tailored to the needs of our customers in El Salvador. It is also a great opportunity to collaborate closely with government authorities to support the adoption of crypto assets in the country, foster financial inclusion, innovation, and ensure customer protection.

El Salvador’s groundbreaking approach to cryptocurre­ncy has become an inspiration for other nations. Not only did the­ country embrace Bitcoin as a legal te­nder, but it also passed a law that regulate­s the creation of digital assets by both gove­rnmental and private institutions. This achieve­ment not only strengthens the­ exchange’s position in El Salvador but also demonstrate­s the harmonious relationship betwe­en innovation and regulation within the crypto industry.

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OKX Steps Up: Seeks DASP Registration In France To Expand Presence In Europe

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OKX, the second largest crypto exchange, has made a significant move by applying to become a registered Digital Asset Service Provider (DASP) in France, according to a press release.

The exchange aims to meet the stringent requirements set forth by the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

This decision comes after the exchange integrated “OKX France” into its company structure in April, signaling its intention to expand its presence in Europe, with France serving as a major operational hub. 

By registering with the AMF, the exchange can offer its users a range of products and services in France while fully complying with local regulations.

OKX’s Commitment To Compliance & Transparency

Tim Byun, Head of Global Government Relations at OKX, emphasized the importance of France’s DASP regulation, stating that it provides a clear and secure regulatory framework for digital asset service providers. 

Byun added that by becoming a registered DASP, the exchange aims to grow within the French ecosystem safely and securely. This move also aligns with its plans to incorporate the Markets in Crypto-Assets Regulation (MiCA) in the European Union by 2024.

In addition to the robust regulatory framework, the exchange chose France as its European hub due to the country’s concentration of crypto enthusiasts, experienced traders, and highly skilled workforce, all of which are crucial for its development.

Jean-Noël Barrot, Minister Delegate of the Ministry of Economy, Finance, and Industrial and Digital Sovereignty, also expressed delight at OKX’s decision, affirming France’s aspiration to become a key player in Web3 technologies. 

Barrot praised the success of the French government’s policies in fostering a resilient, secure, and innovative crypto asset sector, highlighting the country’s deep knowledge and experience in the industry.

OKX has consistently prioritized compliance, regulations, and transparency. The exchange has expanded its international compliance team, actively combated fraud, and ransomware, and consistently exceeded market standards for transparency. 

Per the press release, it is currently licensed in the Bahamas and has obtained a provisional license from Dubai’s Virtual Asset Regulatory Authority. Moreover, OKX has also applied for virtual asset provider licenses in Hong Kong.

Hong Fang, Chairman of OKX, emphasized the company’s dedication to collaborating with European regulators and highlighted the significance of its operations in France. Fang expressed excitement about introducing French users to the projects OKX is working on, offering individuals and businesses an efficient means of value exchange.

Nevertheless, with its commitment to regulatory compliance and transparent practices, OKX continues positioning itself as a leading Web3 company, striving to expand its reach and partnerships with regulators worldwide.

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