Gemini Exchange Secures e-Money License For Ireland

Gemini Payments, the crypto exchange established by the Winklevoss Twins, has secured the e-money license from the Irish Central Bank, which will allow the exchange to operate in Ireland. 

Crypto Fintech Approved By Central Bank

The New York-based crypto exchange, which was founded by Tyler and Cameron Winklevoss, had previously gained the approval of the Financial Conduct Authority (FCA) to provide crypto services to UK residents. The Irish e-money license, however, makes it the first fintech to be authorized in the Republic of Ireland since October 2020. The company had applied for the license locally in early 2020, followed by setting up a Dublin office and hiring the former chief strategy officer of Leveris, Gillian Lynch to head the Ireland operations. The growing interest in cryptocurrencies and digital asset investments in the country is sure to benefit the crypto exchange. 

The Growth Of Gemini Payments

The Winklevoss twins’ most infamous claim to fame was their million-dollar settlement win after accusing Mark Zuckerberg of stealing their idea of the Facebook social network. They went on to become billionaires after founding Gemini in 2014 and through other crypto investments. 

Gemini Payments is one of the top ten cryptocurrency exchanges and has recently joined the Crypto Council for Innovation. After successfully securing the license, the crypto exchange released a statement saying,  

“Ireland is an international hub for financial services and emerging technologies, and consumers here have a strong interest in innovative fintech products. We look forward to bringing our secure and simple services to individuals and institutions in the Irish market and across Europe more broadly.”

Former Central Bank Official Applauds Gemini

Former enforcement director at Central Bank of Ireland, Peter Oakes suggested that Gemini should focus on institutional wealth management and custody for their Ireland operations since many prominent US banks and financial institutions operating in the Republic were showing strong interest in digital assets.

He pointed out, 

“The combination of an e-money authorization and a virtual asset services provider registration should provide Irish consumers and corporates a fuller range of Gemini’s digital assets and non-fungible tokens service such as buying and selling, interest on accounts, payments, credit cards and e-wallets.”

Furthermore, Mr. Oakes also hopes that the arrival of Gemini and the existing business of Coinbase would encourage other fintech firms, both international and Ireland-based to set up operations in the Republic and boost its employment rates in tech and innovation. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.