Gemini, the Winklevoss brothers’ New York-based exchange, is setting out to conquer Europe. The crypto exchange platform announces that it is operational in six new countries on the old continent: Denmark, Sweden, Portugal, Czechia, Latvia and Liechtenstein.
Gemini goes European on a large scale
Europe definitely seems to hold many attractions for exchanges crypto who seek in numbers to establish themselves there. The latest to amplify its presence there: Gemini, which has just declared that theResidents and institutions of six new European countries can already open accounts and start carrying out all authorized transactions.
This bundled launch follows Gemini’s recent registration with the Irish central bank as a Virtual Asset Service Provider (VASP), having previously obtained approval to operate as an e-money service provider. The exchange opened its European headquarters in Dublin last year, seeing the jurisdiction as a real springboard for its European expansion.
Ireland is an internationally renowned financial and technology hub that serves as a gateway to the wider European fintech market. Ireland is an internationally renowned financial and technology hub that serves as a gateway to the wider European fintech market. We are excited to meet the high demand for accessible and secure crypto services among the highly educated and tech savvy consumer base here.
Gillian Lynch, Head of Gemini Ireland and Europe, in Press Release
An orientation that will not have escaped Binance, which has just created a 7th address there, nor Kraken or Ripple, which have also chosen โthe Celtic tigerโ to set up their European bases there.
The fact is that from this implantation, I’exchange US sees the doors of European jurisdictions open, but not yet the most important ones like Germany or France, a way of second wind for him who has suffered severe setbacks since the start of this crypto winter which has notably affected him. constrained to lay off some of its staff.
What makes Europe so attractive for crypto exchanges?
Two major reasons for this attraction. First, the adoption of MiCA (Markets in Crypto-Assets) by the European Union, aimed at harmonizing the framework of the crypto industry within the 28 EU Member States. With this law, which is due to come into force from 2024, the EU becomes in fact the first major jurisdiction to adopt a clear regulatory framework, even if it is imperfect, likely to reassure players in the sector.
Next, Europe, beyond the borders of the Union proper, today represents the largest share of the crypto market in terms of transaction value.
Institutions and individuals in Central, Northern and Western Europe (CNWE) received approximately $1.3 billion worth of crypto in the twelve months (Chainalysis report deadline: June 2022). And this is not the first time that the CNWE region has taken the lead, a previous report by the analysis company already dubbed it โas an international hub in the global crypto economyโ.
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