Interview with Gillian Lynch, Head of Ireland and Europe at Gemini | European Blockchain Convention

Hello everyone, I'm Anonstein, CEO of the Rayblanc VR agency. We are now on PB Stein10. We are meeting here today with Gillian Lynch, CEO of Gemini's European division. Hi, Gillian. How are you?

Greetings. Nice to meet you. It's also nice to meet you in sunny Barcelona. Sunny Barcelona. This is one of my favorite cities.

Oh, very busy. Very busy. Vic, how is the event going for you at the moment? Perfectly. There is a really great atmosphere here today and a very good mix of companies, B2B, B2C.

So yeah , really great, really great atmosphere. Perfectly. Let's talk a little about the regulation that is currently happening in this area. If we look at MiCA and other things, I would like to hear some details. At Gemini, from day one, the founders, Cameron and Tyler Winklevoss, were convinced of two things.

First: crypto has a place in the financial ecosystem, but equally importantly, it needs regulation to thrive . So we have been balancing regulation and innovation since day one. It's in our DNA in our DNA . Since the brothers founded the company, we have always sought permission, not apologies, and worked with regulators. I think we are very happy that the EU has taken a step forward and become a world leader in regulation, and we have MiCA, which will occupy us for the next two years.

We hope that other regions will follow this example. As we see in other jurisdictions, like the US, where there is regulation through enforcement, and someone recently said to me, it's like driving on a freeway without knowing the speed limit and getting pulled over by the police. So I think these " I think these " protective barriers" are very important. This is what we always wanted for the industry. It's great to see this happening, and it's been part of our business since day one.

It is important to balance doing the right thing, investing in compliance, risk, and operational resilience with innovation and a seamless customer experience. Achieving this balance is something the founders have instilled in everyone in the corporate culture over the past decade. Perfectly. Setting aside regulation for a moment, in terms of implementation in general implementation in general , how would you compare what's happening in the US happening in the US to Europe, and in what direction is it moving? Interesting.

When Gemini prepared a report on the state of the crypto industry about two to two and a half years ago, it was quite obvious that the adoption rate in the States and Asia was significantly higher, especially in the States compared to Europe. But we have just completed a new report, and the pace of implementation in the EU has increased significantly. That's right. We see that now between one in four or one in five people own cryptocurrency. And this is in the EU.

I think the US has probably given up a bit . And I think it really comes down to regulation. When you regulate through coercive measures, it is very difficult for companies to offer their services and invest in the country. And I think we're seeing the US lose a little bit of leadership. Interestingly, the same report shows that people are exiting crypto assets.

They just keep them, but there aren't that many new members . So, we see this happening in Europe. And I believe that some countries in Europe are ahead of others. If you look at France, for example, one in four now owns cryptocurrency. So I think what we're seeing is actually global in nature.

So you see that every fourth or fifth person owns cryptocurrency. But I have no doubt that the States will catch up. I think I agree with you think I agree with you . What we are seeing in the States, where crypto is becoming an election issue, is monumental. Most industry representatives want whoever is elected to support cryptocurrency.

And I think with this the States will really catch up again . And this will further stimulate implementation. So, almost a year has passed since the appearance of the Bitcoin ETF. They got the "green light". What are your thoughts on where things are heading?

I think when we talk about regulation in the States and the SEC, it was regulation through enforcement measures. So I think the approval of the spot BTC ETF almost a year ago was a huge step, and you saw pent-up demand for that product with huge capital inflows, and capital inflows, and like everything else, even traditional stocks, you have inflows and outflows. We've seen a period without them, but I think over the last week, the inflows have become very strong again. This is great to see, and even in the last week an options ETF was approved options ETF was approved . So, I think we really see that the regulator in the States has finally understood: the demand is there, and we should start meeting it.

Interestingly, in Europe we have had ETP for much longer. And the level of acceptance here was lower than in the States. But I believe that access to crypto products in Europe and Asia is broader Europe and Asia is broader than it was in the States. So, I think in the States we are seeing the release of pent-up demand, while in Europe the process is more measured. But there's no reason why it couldn't grow to the volumes we see in the States.

For the industry in general, I think it's now noticeable that it's really going the way of traditional finance, trying to integrate the crypto element into familiar financial products. It was extremely interesting to talk to you today. Thank you very much. Is there anything here, at the exhibition, or during your walk, that caught your attention? Uh...

For me, it's immediately noticeable as soon as you walk in—this energy. I was at conferences last year, we were in the epicenter of the " epicenter of the " cryptowinter," and it felt like it. I've been in the cryptosphere for three and a half years, and last year it really felt like it. Although this year, I don't think we're out of the "crypto-isms" yet, and economically we're still in times of global uncertainty. But today I feel the energy and Barcelona is also contributing .

It's a very busy city, but the people here—I see passion in them see passion in them . And here is a truly wonderful combination. It is a mix of B2B and B2C. Also, in my opinion , at blockchain , at blockchain conferences, it is the small stages small stages that open the way to innovation. I think they are fascinated and interested.

Thank you very much for your time. You're welcome . Thank you for your work.