Gemini, the cryptocurrency exchange founded 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 establish its European base in Ireland follows the downfall of its rival platform, FTX, which experienced a collapse last year.
In the aftermath of the FTX incident, the US Securities and Exchange Commission took a strong stance, cracking down on the nascent industry and crypto trading platforms, including Gemini, Coinbase, Kraken, Binance.US, and others.
Gemini faced charges related to the alleged offering of unregistered securities, leading to an increased focus on regulatory compliance. This decision follows the successful launch of its services in 12 European countries towards the end of last year.
Gemini Becomes First Registered VASP By Central Bank
Gemini has achieved a significant milestone by becoming the inaugural company to secure registration as a Virtual Asset Service Provider (VASP) with the European Central Bank.
This designation, specifically designed to adhere to the European Union’s anti-money laundering directive, highlights Gemini’s commitment to compliance in the crypto industry.
As a registered VASP, the exchange is authorized to facilitate exchanges between virtual and fiat currencies and various cryptocurrencies. Additionally, they can facilitate the transfer of crypto assets between different accounts and offer custodian wallets, among other financial services, for crypto assets.
The crypto exchange became a Virtual Asset Service Provider (VASP) in July. This milestone was preceded by the attainment of Electronic Money Institution (EMI) authorization from the European Central Bank in February 2022.
Gemini’s successful registration as a VASP reaffirms its commitment to regulatory compliance and positions it as a pioneer in the cryptocurrency industry. The earlier authorization as an Electronic Money Institution could further firms Gemini’s position as a trusted platform that meets stringent regulatory standards.
Currently, the crypto exchange maintains approximately twelve employees in its Dublin office. However, with the recent approval of the Markets in Crypto Assets Regulation (MiCA) by the European Council over a week ago, the company anticipates a significant expansion of its team shortly.
As the EU adopts this new regulatory framework, the exchange aims to capitalize on the emerging opportunities and growing market for crypto assets, thereby driving the need for additional skilled professionals to support its operations and continued growth in Dublin.