What could Gemini achieve after getting a license in Ireland? -

One of the leading crypto exchanges and trading platforms, Gemini, has now got an electronic money license to operate in Ireland

Reports are that New York-based crypto exchange Gemini has recently received an electronic money license from the Central Bank of Ireland. After October 2020, Gemini will be the first entity to receive the license and the 18th to date. After receiving the license, Gemini is now included in the list of license holders in the region, such as Coinbase, Square, Meta and Strip, etc.

For the recently received e-money license, crypto exchange firms had applied in early 2020, which it finally got on March 14. The permit will allow Gemini to issue electronic money, handle third party electronic payments and provide usual electronic payment services. It will enable the firm to passport the earlier mentioned services to EEA regions that are European Economic Area countries that are members of the European Union, Liechtenstein, Norway and Iceland. These countries already get exchange services provided by Gemini.

Gemini’s exchange and e-money services were also entertained in the United Kingdom after the authorization by the UK Financial Conduct Authority.

Lately, there has been a demand in the region regarding the need for crypto regulations. In February, Oireachtas Finance Committee agreed to consider the requests about reviewing thoroughly to the Revenue Commissioners tax authority and Central Bank of Ireland. The Central Bank for virtual assets service providers enforces already European Anti Money Laundering Laws.

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There has been significant growth seen in the presence of crypto in Ireland last year. In early 2021, Gemini opened its office in Dublin and hired a former Irish banking platform Liveris and Bank of Ireland Executive Gillian Lynch as head of Europe and Ireland. The country has also been selected by Kraken and Ripple like crypto firms as their European base, and in September, Binance even opened its three subsidiaries in Ireland.

Way back in February last year, crypto exchange firm Gemini joined the Coinbase and Block likes as part of the Crypto Council for Innovation. For that time, the exchange mentioned that it had spent about $120,000 on activities like lobbying within the US in the second half of the year 2021.

Gemini goes by its full name as Gemini Trust Company which, other than the crypto exchange service, also provides custodian services allowing customers to buy, sell and store cryptocurrencies. The company is headquartered in New York and was founded in 2012 by Tyler and Cameron Winklevoss. In June 2016, it became the world’s first licensed ether exchange. The exchange company currently has a valuation of more than $7.1 billion.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing