Cryptocurrency exchange Gemini, is following in the footsteps of its American competitors and choosing Dublin for its European headquarters. The move is aimed not only at getting a partial break from regulatory problems in the US, but also at attracting users from the old continent.
Ireland home for Gemini and other cryptocurrency companies
Cameron and Tyler Winklevoss, the founders of Gemini, have proudly announced that they have chosen Ireland as the headquarters for their company, which intends to spread its wings across the continent.
During a meeting with Prime Minister Leo Varadkar, the twin brothers stressed that the Emerald Isle was chosen because of its robust regulatory system, abundant talented staff and developed technology community.
According to a recent survey conducted in August 2022, about 10% of Irish adults owned cryptocurrencies. While this percentage is down from the 12% from the market craze in 2021, this has not discouraged cryptocurrency companies from setting up in the country.
Binance, Kraken, numerous blockchain and fintech startups have also decided to locate their offices in Ireland. All this despite the Irish central bank chief’s call for a ban on advertising cryptocurrencies.
Prime Minister Varadkar commented on the decision, saying: “This is a huge distinction for us as the government focuses on innovation as an engine for growth.” Cameron Winklevoss, meanwhile, told reporters that “Ireland is a gateway to the European Union for us.”
Europe attractive for crypto projects
Gemini, which already operates an office in Dublin with a team of 12 employees, 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 introduction of new regulations for crypto asset markets (MiCA), which were officially approved by the EU on May 16.
The Winklevoss twins predict a huge boost for the cryptocurrency industry once the regulatory framework is implemented. “I am confident that we will experience a Cambrian explosion of innovation in Europe thanks to the MiCA,” – stated Cameron Winklevoss, expressing his satisfaction.
Gemini sets its sights on growth
Gemini is not stopping at one overseas step. In April, platform officials announced plans to establish an engineering center in India to take advantage of the growing pool of talented technology professionals there.
This move comes amid mounting regulatory pressure in the United States, which some industry observers describe as a “war on cryptocurrencies.”
In January, the Securities and Exchange Commission moved against Gemini, accusing the company of unregistered sales of securities. “The current situation is extremely difficult and lacks consistency,” – Cameron commented, referring to the state of affairs in the US.
