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Gemini gets electronic money license from the Central Bank of Ireland

Gemini gets electronic money license from the Central Bank of Ireland

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Answer Gemini gets electronic money license from the Central Bank of Ireland

US-based crypto custodian and exchange Gemini has been granted an electronic money license from the Central Bank of Ireland.

According to The Irish Times, published on Monday, March 21, 2022, Gemini, founded by the Winklevoss twins, has become the first fintech company to receive the Irish license since October 2020.

The cryptocurrency exchange first applied for the license earlier in 2020 in part due to the impact of Brexit, the newspaper reported.

Later in 2021, Gemini set up an office in Dublin and appointed Gillian Lynch, chief strategy officer, to lead operations in the Irish capital.

Through licensing, Gemini can issue electronic money in Ireland.

According to the report, the cryptocurrency trading platform holds a similar license from the UK’s Financial Conduct Authority (FCA).

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In addition to Gemini, other companies such as financial services company Stripe, social media giant Meta and tech giant Google also have the electronic money license.

Meanwhile, Coinbase, a leading cryptocurrency exchange in the United States, is also present in Ireland, while Binance, the world’s largest cryptocurrency exchange by trading volume, said earlier that it is considering making Ireland its global headquarters.

In February 2022, the Central Bank of Ireland said it was unlikely the major bank would approve exposure to cryptocurrency for retail investors.

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