Gemini launches in France as trust in crypto increases

CRYPTO platform Gemini has now launched in France after registering as a Virtual Asset Service Provider (VASP) earlier this year.

Users in France can now open a Gemini account to deposit, trade, and store more than 70 digital assets using the web or mobile app.

Additionally, they can add funds using local payment rails, including EUR and GBP, through debit card, bank transfer, and Apple Pay.

Advanced traders can access ActiveTrader™ for sophisticated trading with over 80 trading pairs, while institutional clients can benefit from Gemini’s OTC desk and eOTC trading system, designed to execute large orders with deep liquidity and optimal pricing.

Gemini says its entry into France is a strategic choice for the company’s next phase of growth. France’s proactive engagement with and support of the crypto sector has fostered the development of a crypto hub, making it a key market for Gemini.

“We believe in empowering individuals through crypto, and our expansion into France marks a significant milestone in our mission to make crypto accessible to everyone,” said Gillian Lynch, Gemini’s CEO of UK & Europe.

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

France: A strategic market for crypto platforms

Crypto adoption has grown steadily in France over the past two years resulting in positive sentiment around digital assets, according to Gemini’s recently released 2024 Global State of Crypto report.

The percentage of crypto owners has risen to 18% - a 2% increase since 2022, marking France as the country with the highest post-crypto winter growth.

The report points to France being among the most pro-crypto countries surveyed, with a strong demand for secure, trusted Web3 platforms.

Previously unreleased data also indicates that respondents in France trust crypto more than respondents in the US and UK. This is likely influenced by the introduction of France’s VASP regime, and the European Union’s recent passing of the Markets in Crypto Assets regulation (MiCA) in 2023 - a bill that offers a comprehensive framework and regulatory clarity for EU firms working in digital assets.

In light of this, the report highlights how consumers in France are less concerned about the regulatory environment than two years ago.  

Other key findings included:

• The majority of French crypto users are HODLers: The majority of crypto holders (62%) in France view cryptocurrencies as long-term investments, with almost half (46%) having purchased their first crypto three to five years ago.
• Past owners likely to return to market: Nearly half (49%) of past crypto owners in France expressed a likelihood of re-entering the market within the next year, with 28% of past owners comfortable allocating 5% of their investment portfolios to crypto.
• Trust in crypto is higher in France: Nearly one-fourth of respondents in France (23%) said they trusted crypto, a slightly higher mark than respondents in the US (21%) and UK (19%).
• Security is paramount: The most important factor (43%) that will boost consumer trust in the crypto industry in France are security measures that protect against fraud and scams.
• Regulatory concerns are dwindling: In 2024, just 32% of past owners and non-owners in France said they had regulatory concerns about the industry, down from 37% two years ago.
• The gender split in France is one of the most positive globally: France boasts one of the most balanced gender splits in crypto adoption globally (35% of owners are women), despite a 10% reduction since 2022. Interestingly, a larger proportion of women (34%) than men (17%) first purchased crypto within the past year as the market rebounded.

To find out more about Gemini's 2024 Global State of Crypto study, click here or visit the group's website.