Cryptocurrency exchange Gemini has chosen Dublin as the headquarters for its European operations as the cryptocurrency firm seeks to expand outside the US.
Cameron and Tyler Winklevoss, who founded Gemini in 2014, confirmed on May 25th that they had chosen Ireland as a base for growing their company's services in Europe. During a meeting with Irish Prime Minister Leo Varadkar, the twins said they chose the Emerald Isle be cause of its robust regulatory system, deep talent pool and established tech community.
Around 10% of Irish adults surveyed own cryptocurrencies, according to the August 2022 study. However, this figure is lower than the 12% during the 2021 bull market. Additionally, the Governor of the Central Bank of Ireland called for a ban on cryptocurrencies cy advertisements in January. That hasn't stopped cryptocurrency companies from setting up shop there, including cryptocurrency exchanges Binance and Kraken, as well as countless blockchain and fintech startups. Varadkar commented: “This means a lot for Ireland because the government is tar getting innovation as a driver of growth.” Cameron Winklevoss told reporters, “Ireland is our entry point into the EU.”
"We see the whole of the EU as a potential entry point and we're very happy with Ireland and the reputation of the regulator, the CBI and the tech community, talent and ecosystem. So for us it's clearly a natural fit." Gemini already has an office in Dublin with 12 employees and received a virtual asset service provider license from the Central Bank of Ireland in July 2022.
The company plans to increase its headcount following the adoption of the new Markets in Cryptoassets Regulation (MiCA) in the European Union, which was officially approved on May 16. The twins predict that the crypto industry will get a huge boost as the regulatory frame work rolls out. Cameron Winklevoss said: "I think there will be a Cambrian explosion of innovation [in Europe because of MiCA]." This isn't Gemini's first overseas move. In April, the company announced plans to set up an engineering center in India to tap into its burgering tech talent pool. The move comes amid mounting regulatory pressure in the US in what some industry observers have dubbed the "cryptocurrency wars."
The SEC took action against Gemini in January, accusing the company of conducting unregistered securities sales. "It's definitely challenging and there's been a lack of consistency," Cameron said of the state of affairs in the United States. The company still maintains an office in New York under the Gemini Trust Company, LLC.
