Gemini to conquer Europe

Gemini, the New York exchange of the Winklevoss brothers, is going to conquer Europe. The cryptocurrency exchange platform has announced that it is operational in six new countries on the old continent: Denmark, Sweden, Portugal, Czech Republic, Latvia and Liechtenstein..

Gemini becomes European on a large scale.

Europe seems to have many attractions for exchanges cryptocurrency companies looking to establish themselves there in large numbers. The latest to expand its presence is Gemini, which has just declared that theesidents and institutions in six new European countries can now open accounts and begin to carry out all authorized transactions.

The launch of the package follows Gemini’s recent registration with the Irish central bank as a virtual asset service provider (VASP), having previously obtained a license to operate as an e-money service provider. The exchange had already opened its European headquarters in Dublin last year, seeing the jurisdiction as a springboard for its European expansion.

Ireland is an internationally renowned financial and technology center that serves as a gateway to the European market for financial technologies. Ireland is a world-renowned financial and technology center that serves as a gateway to the European fintech market. We are delighted to meet the high demand for accessible and secure cryptocurrency services among the highly educated and tech-savvy consumer base here.

Gillian Lynch, director of Gemini Ireland and Europe, at. Press release

An address that will not have escaped Binance, which has just created a seventh address there, nor Kraken or Ripple, which have also chosen the “Celtic tiger” to establish their European bases there.

The fact is that from this location, l’exchange The U.S. sees the doors open to European jurisdictions, but not yet to major ones such as Germany or France, a form of second wind for it that has suffered severe setbacks since the onset of this crypto-winter that has notably forced it to to lay off part of its staff.

What makes Europe so attractive for cryptocurrency exchange platforms?

Two main reasons for this attraction. First, the adoption of the MiCA (Markets in Crypto-Assets) by the European Union, which aims to harmonize the supervision of the cryptocurrency sector in the 28 EU member states. This law will come into force as of 2024, the EU becomes the first major jurisdiction to have a clear, albeit imperfect, regulatory framework, which may reassure industry players.

Then, Europe, beyond the borders of the Union proper, now accounts for the largest share of the cryptocurrency market in terms of transaction value.

Institutions and individuals in Central, Northern and Western Europe (CNWE) received approx. EUR 1.3 billion in cryptocurrencies in 12 months. (Chainalysis report closing date: June 2022). And this is not the first time that the CNWE region has come out on top, as a previous report by the analyst firm already endorsed it “as the international hub of the global cryptoeconomy”.

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