Gemini will not be able to operate as an exchange in the country as a result of the license, but it will be able to provide e-money services throughout the European Economic Area.
Exchange of cryptocurrencies The Central Bank of Ireland has granted Gemini an electronic money license. The organization was the 18th to get the license and the first since October 2020. Coinbase, Stripe, Square, and Meta are among the license holders who have joined Gemini.
Gemini received its e-money license on March 14, 2020, after applying in early 2020. It will allow it to issue electronic money, provide electronic payment services, and handle electronic payments for third parties. It will also allow the company to export those services to members of the European Economic Area, such as Iceland, Liechtenstein, and Norway. In those countries, Gemini already provides exchange services.
Gemini is also licensed to provide exchange and e-money services in the United Kingdom, due to the Financial Conduct Authority’s approval.
The country is becoming increasingly aware of the necessity for cryptocurrency regulation. When the Oireachtas Finance Committee requested briefing documents from the Central Bank and the Revenue Commissioners tax body in February, it agreed to examine regulation. For virtual asset service providers, the Central Bank already enforces European Anti-Money Laundering legislation.
The country is becoming increasingly aware of the necessity for cryptocurrency regulation. When the Oireachtas Finance Committee requested briefing documents from the Central Bank and the Revenue Commissioners tax body in February, it agreed to examine regulation. For virtual asset service providers, the Central Bank already enforces European Anti-Money Laundering legislation.
In recent years, Ireland has experienced a growing crypto presence. Gillian Lynch, a former executive of the Irish banking platform Leveris and Bank of Ireland, was hired as head of Ireland and Europe when Gemini opened its Dublin office in early 2021. Binance (BNB) created three subsidiaries in Ireland in September, and Kraken and Ripple (XRP) have chosen the country as their European headquarters.
Gemini became a member of the Crypto Council for Innovation in February, with Coinbase and Block. The exchange announced at the time that it had spent $120,000 on lobbying actions in the United States in the second half of 2021.
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