Gemini, the digital currency exchange established by Cameron and Tyler Winklevoss, has unveiled plans to bolster its operations in Europe, with Ireland serving as a key hub for its expansion.
The twin brothers recently met with the Taoiseach in Dublin to discuss their decision, highlighting Ireland’s strong regulatory framework, impressive talent pool, and well- established technology community as key factors behind their choice of location for Gemini’s European Headquarters.
The decision has received support from IDA Ireland, further cementing Gemini’s move to leverage Ireland’s advantageous business environment. Cameron Winklevoss, President of Gemini, said:
Ireland is our entry point into the EU, we looked at all of the EU as potential entry points and we felt really comfortable with Ireland and the reputation of the regulator.
Gemini’s decision to set up its European base in Ireland comes after the downfall of its rival platform, FTX Trading Ltd, which experienced a collapse last year.
In the aftermath of the FTX Trading Ltd incident, the United States Securities and Exchange Commission took a strong stance, cracking down on the nascent industry and cryptocurrency trading platforms, including Gemini, Coinbase Crypto exchange, Kraken, Binance. United States, and others.
Gemini faced charges related to the alleged offering of unregistered securities, leading to an increased focus on regulatory compliance. This decision comes after the successful launch of its services in 12 European countries towards the end of last year.
Gemini turn into 1st Registered VASP By Central Bank
Gemini has achieved a whole lot of milestone by becoming the inaugural company to secure registration as a Virtual Investment Service Provider (VASP) with the European Central Bank.
This designation, in particular designed to adhere to the European Union’s anti-money laundering directive, outlines Gemini’s commitment to compliance in the cryptocurrency industry.
As a registered VASP, the exchange is authorized to support exchanges betwixt virtual and fiat currencies and numerous digital currencies. In addition, they can facilitate the transfer of cryptocurrency assets betwixt different accounts and offer custodian wallets, between other financial services, for cryptocurrency assets.
The cryptocurrency exchange became a Virtual Investment Service Provider (VASP) in July. This milestone was preceded by the attainment of Electronic Money Institution (EMI) authorization from the European Monetary Authority in February 2022.
Gemini’s successful registration as a VASP reaffirms its commitment to regulatory compliance and positions it as a pioneer in the digital currency industry. The earlier authorization as an Electronic Money Institution could further corporations Gemini’s position as a trusted platform that meets stringent regulatory standards.
As of now, the cryptocurrency exchange maintains approximately twelve employees in its Dublin office. Nonetheless, with the past few approval of the Markets in Cryptocurrency Assets Regulation (MiCA) by the European Council over a week ago, the company anticipates a whole lot of expansion of its team shortly.
As the EU adopts this new regulatory framework, the exchange intends to capitalize on the emerging opportunities and growing market for cryptocurrency assets, thereby driving the need for additional skilled professionals to facilitate its operations and continued growth in Dublin.
