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Ireland’s Central Bank grants Gemini an Electronic Money Institution License

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

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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