Gemini To Establish European Headquarters in Ireland

The Winklevoss-owned crypto exchange Gemini Trust Co. will establish its European headquarters in Dublin, Ireland.

US-based Gemini announced it will run its European operations out of Dublin, Ireland. Cameron Winklevoss shared the news via his Twitter feed on Thursday as American crypto exchanges scramble to widen operations amid the intensifying regulatory crackdown in the US.

Awesome meeting this morning with @LeoVaradkar, the Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that @Gemini has… pic.twitter.com/Iv3NmPTmju

— Cameron Winklevoss (@cameron) May 25, 2023

Bloomberg reports Gemini cited Dublin’s thriving start-up culture as a pull factor for the exchange to set up its European operations there. After the European Union’s Markets in Crypto Assets (MiCA) regulation was approved last week, several crypto firms are considering a shift away from the US.

Gemini Is the First Crypto Exchange to Register as a VASP in Ireland

Leo Varadkar, Prime Minister of Ireland, congratulated Gemini on Twitter.

Congratulations @Gemini -the first firm registered by the Central Bank of Ireland as a Virtual Asset Service Provider. This is significant for Ireland as the Government focuses on innovation as a driver of growth. I wish Gemini every success as they build their team in Ireland. pic.twitter.com/Y3WULIqwNc

— Leo Varadkar (@LeoVaradkar) May 25, 2023

The PM further said Gemini’s decision to establish its headquarters in Ireland points towards the Irish government’s dedication to innovation.

Varadkar said:

Gemini’s decision to locate in Ireland highlights our competitive offering for the international financial services sector. I wish Gemini every success as they build their team in Ireland.

In July 2022, Gemini became the first cryptocurrency exchange to register as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. The exchange also secured the Bank’s Electronic Money Institution (EMI) license in February 2022.

Gemini Launches Offshore Crypto Derivatives Exchange

Less than a month ago, Gemini launched Gemini Foundation, an offshore cryptocurrency derivative platform. The new exchange launched in 30 countries but is not available to US, UK, or EU users.

Gemini said the platform would allow users to begin trading with Bitcoin perpetual contracts, denominated in Gemini Dollar (GUSD) and offers 100x leverage.

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.