The Central Bank of Ireland has awarded Gemini, cryptocurrency custody and exchange based in the United States, an electronic money (e-money) license.
Gemini, established by the Winklevoss twins Tyler and Cameron, was the first fintech startup to get an Irish license since October 2020, according to The Irish Times on Monday (March 21, 2022).
Gemini can now issue electronic money in Ireland thanks to the license.
The crypto exchange, according to the newspaper publication, has an equivalent license from the UK’s Financial Conduct Authority (FCA).
The crypto exchange originally filed for the license in early 2020, partly owing to the impact of Brexit. Later in 2021, Gemini opened an office in Dublin, and former chief strategy officer Gillian Lynch was named to manage operations in the Irish metropolis. Other companies with the e-money license include financial services company Stripe, social networking powerhouse Meta, and tech behemoth Google.
Furthermore, prominent US-based cryptocurrency exchange Coinbase has a presence in Ireland, and Binance, the world’s largest crypto exchange by trading volume, has previously stated that the country was being considered as a potential location for an international headquarters.
The Central Bank of Ireland, on the other hand, stated in February 2022 that it was highly unlikely that the financial institution would authorize cryptocurrency access for retail investors.
Photo by Cory Woodward