Crypto exchange Gemini has chosen Dublin as the headquarters for its European operations, amid a surge of crypto companies looking to expand outside the United States.
On May 25, Cameron and Tyler Winklevoss, who founded Gemini in 2014, confirmed that they had chosen Ireland as a base to grow the company’s services across Europe.
In a meeting with Irish Prime Minister Leo Varadkar, the twins said they had chosen the Emerald Isle. thanks to its robust regulatory system, extensive talent pool and established technology community.
Congratulations @Gemini – the first firm registered by the Central Bank of Ireland as a virtual asset provider. This is significant for Ireland as the government focuses on innovation as a driver of growth. I wish Gemini the best of luck in building their team in Ireland. pic.twitter.com/Y3WULIqwNc
— Leo Varadkar (@LeoVaradkar) May 25, 2023
According to August 2022 research about 10% of Irish adults cryptocurrency held under investigation. However, this figure has fallen from 12% during the bull market in 2021. In addition, the head of the Central Bank of Ireland called for a ban on cryptocurrency advertising in January.
That hasn’t deterred crypto companies from setting up shop there, including crypto exchanges Binance and Kraken, as well as countless blockchain and fintech startups.
Varadkar commented: “This is significant for Ireland as the government focuses on innovation as a driver of growth.” Cameron Winklevoss he told reporters that “Ireland is our entry point into the EU”.
“We looked at the whole of the EU as potential entry points and we felt really comfortable with Ireland and the reputation of the regulator, the CBI, as well as the technology community and the talent and the ecosystem. So it was obviously a natural fit for us.”
Gemini, which already has an office in Dublin with 12 staff, accepted virtual asset provider license from the Central Bank of Ireland in July 2022.
The firm plans to increase the number of its employees after the adoption of new EU regulations on markets for crypto-assets (MiCA), which were officially approved on May 16.
The twins predict a big boost for the crypto industry once the regulatory framework is in place. “I think you’re going to have a Cambrian explosion of innovation. [in Europe as a consequence of MiCA]Cameron Winklevoss said.
It’s not the first overseas move Gemini has made. In April, the company he announced plans to set up an engineering center in India to tap into the burgeoning technical talent pool.
Related: Kraken will receive a virtual asset provider license in Ireland ahead of the MiCA vote
The move comes amid growing regulatory pressure in the United States, which some industry observers have dubbed the “war on cryptocurrencies.”
A Securities and Exchange Commission lawsuit against Gemini in January accused the company of unregistered securities sales. “It’s definitely challenging and there’s a lack of consistency,” Cameron commented on the situation in the US.
The firm still maintains offices in New York under Gemini Trust Company, LLC.
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