Ireland Becomes Gemini’s Hub for its Europe Operations

The United States has not been a pleasant place for crypto firms to operate amid the Securities and Exchange Commission (SEC) charging various crypto firms for violating securities laws. The agency has not released any crypto-specific regulations or guidelines.

Crypto firm Gemini has announced that the headquarters for their operations in Europe is based in Dublin.

Gemini’s Europe Headquarters

The Winklevoss twins, who founded Gemini in 2014, announced on May 25 that they chose Ireland as their company’s hub to expand its services across Europe.

While talking to the prime minister of Ireland, Leo Varadkar, the Winklevoss twins explained that the reason for choosing Ireland is because of its regulatory policies, its talent pool, and the technology-driven community.

Research in August 2022 revealed that 10% of Irish adults hold crypto, which is 2% less than the 2021 bull market. Notably, the Irish Central Bank chief recently called for a crypto advertising ban.

But Gemini isn’t the only crypto company that has set up an office in Ireland. Some other companies with offices on the Irish shore include Binance, and Kraken, among other fintech startups.

Prime Minister Varadkar said that the step is significant for Ireland as they believe innovation is a diver of growth. Cameron Winklevoss emphasized that Ireland is their only entry point to the EU.

Winklevoss stated they looked at the entire EU for a potential entry but felt comfortable here. Due to the regulator’s reputation, the Central Bank of Ireland (CBI), the technology ecosystem, and the talent available here. He added that Ireland was a natural fit for them.

Gemini received a virtual asset provider service (VASP) license from the CBI in July 2022 to their already existing Dublin office.

Is the U.S. Pushing Crypto Companies Out?

Upon the approval of Markets in Crypto Assets Regulations (MiCA) on May 16, the company plans to increase its headcount.

Cameron Winklevoss speaking of the MiCA regulations, said that the crypto industry could get a huge book due to the regulatory framework around cryptos.

The Ireland establishment was not the only overseas move by Gemini. Recently, Gemini announced opening an engineering hub in India to capitalize on the country’s tech talent.

All the expansion moves outside the U.S. come at a time of what some enthusiasts believe is a “war on crypto” in the U.S.

After receiving charges from the SEC in January for selling unregistered securities, Cameron comments that it is challenging and lacks consistency in the U.S. Gemini still has an office in New York under the Gemini Trust Company LLC.

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