Gemini selects Dublin as European base for crypto business
Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has selcted Ireland as its new European headquarters.
This decision was announced subsequent to a meeting between the Winklevoss brothers, Irish Prime Minister Leo Varadkar, and representatives from the Industrial Development Agency (IDA), which oversees foreign investment in Ireland.
The US-based firm cited its favorable perspective on the regulatory landscape in Ireland, along with the abundant pool of talented individuals in technology and innovation in the capital city, as well as its vibrant startup ecosystem, as significant factors that influenced the decision to choose the Irish capital as the base for their European operations.
Gemini founders additionally expressed their belief that the Markets in Crypto Assets (MiCA), the recently implemented regulatory framework for cryptocurrencies in the European Union (EU), is a sensible and pragmatic approach to regulation.
““We’re grateful for the support of the Irish government and the IDA as we embark on the next, exciting steps in our journey. We look forward to being a part of and adding to the vibrant tech community in Dublin. Crypto is as transformative as the Internet, and we are committed to unlocking the opportunities it represents,” they said,” the Winklevoss brothers said in a statement.
Awesome meeting this morning with @LeoVaradkar, the Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that @Gemini has… pic.twitter.com/Iv3NmPTmju
— Cameron Winklevoss (@cameron) May 25, 2023
Gemini has officially launched its services in Ireland in October 2022 after the cryptocurrency firm secured a license to serve as a Virtual Asset Service Provider. That marked the cryptocurrency firm owned by the billionaire American Winklevoss twins the first exchange to register its digital assets business in Ireland.
The Central Bank of Ireland, the country’s financial services regulator, approved Gemini to accept cryptocurrency transactions in euros and sterling. The platform allows retail customers and institutions to open a Gemini account to deposit, trade, and custody around 100 cryptocurrencies, including DeFi tokens.
Irish Fintechs and other corporations can also access Gemini’s crypto-native services like custody, clearing, trade execution, price discovery, and portfolio management services.
Gemini’s Irish office, based in Dublin, is reportedly planning to grow further to become a key regulated hub through which significant aspects of its business across the EU can be conducted. It was opened last year and the exchange hired Gillian Lynch, former chief strategy officer at Leveris, to head up its operations there.
The VASP registration comes on the heels of Gemini’s Electronic Money Institution (EMI) authorisation in February of 2022, also from the Central Bank of Ireland. Alongside existing licenses in the UK, Gemini is able to process payments and issue e-money wallets via the Irish license, for its ongoing activities in 26 countries across Europe. This also extends to money remittance and execution of payment transactions via telecoms, the ability to clear euro payments directly without the involvement of commercial banks, and the issue of IBAN accounts to its clients.