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Cryptocurrency exchange Gemini has chosen Dublin as the headquarters for its European operations amid crypto companies looking to expand outside the United States.
On May 25, Cameron and Tyler Winklevoss, who founded Gemini in 2014, confirmed they had chosen Ireland as a base to expand the company’s services across Europe.
In a meeting with Irish Prime Minister Leo Varadkar, the twins said they chose the Emerald Isle because of its robust regulatory system, vast talent pool and established technology community.
Congratulations @Gemini -the first firm registered by the Central Bank of Ireland as a Virtual Asset Service Provider. This is significant for Ireland as the Government focuses on innovation as a driver of growth. I wish Gemini every success as they build their team in Ireland. pic.twitter.com/Y3WULIqwNc
— Leo Varadkar (@LeoVaradkar) May 25, 2023
According to a study conducted in August 2022, about 10% of Irish adults surveyed own cryptocurrencies. However, this rate has dropped from 12% during the 2021 bull market. In addition, in January, the head of Ireland’s central bank called for a ban on cryptocurrency ads.
That hasn’t stopped crypto companies from opening stores there, including cryptocurrency exchanges Binance and Kraken, as well as countless blockchain and fintech startups.
Varadkar commented: “This is important for Ireland as the government is focusing on innovation as a driver of growth.” Cameron Winklevoss told reporters that “Ireland is our entry point to the EU.”
“We looked at the entire EU as potential entry points and we were very comfortable with Ireland and the reputation of the regulator, the CBI, and the tech community, talent and ecosystem. So for us it was an obvious natural approach.”
Gemini, which already has an office in Dublin with 12 employees, received a virtual asset service provider license from the Central Bank of Ireland in July 2022.
The firm plans to increase headcount following the EU’s new Crypto Asset Markets Regulation (MiCA), which was formally approved on May 16.
Gemini predicts significant growth for the cryptocurrency industry once the regulatory framework is in place. “I think you’ll get a Cambrian explosion of innovation [в Европе в результате MiCA]”said Cameron Winklevoss.
This is not the first time the Twins have moved abroad. In April, the company announced plans to set up an engineering center in India to gain access to an ever-growing number of technicians.
Related: Kraken receives virtual asset service provider authorization in Ireland ahead of MiCA vote
The move comes amid mounting regulatory pressure in the United States, which some industry observers have dubbed the “war on cryptocurrencies.”
The Securities and Exchange Commission took action against Gemini in January, accusing the company of selling unregistered securities. “It’s definitely complicated and there’s a lack of consistency,” Cameron commented on the state of affairs in the US.
The firm still maintains offices in New York under Gemini Trust Company, LLC.
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