Gemini Gets Electronic Money License From Ireland’s Central Bank

The U.S.-based cryptocurrency custody and exchange Gemini has been granted an electronic money (e-money) license from the Central Bank of Ireland.

• According to The Irish Times on Monday (March 21, 2022), Gemini, founded by the Winklevii twins Tyler and Cameron, became the first fintech company to receive the Irish license since October 2020.
• The crypto exchange first applied for the license earlier in 2020 partially due to the impact of Brexit, as stated by The Irish Times. Later in 2021, Gemini established an office in Dublin and appointed Gillian Lynch, former chief strategy officer, to lead operations in the Irish capital.
• With the license, Gemini can issue electronic money in Ireland. According to the report, the crypto exchange holds a similar license from the UK’s Financial Conduct Authority (FCA).
• In addition to Gemini, other companies such as financial services Stripe, social media giant Meta, and tech behemoth Google also have the e-money license.
• Meanwhile, leading U.S.-based cryptocurrency exchange Coinbase is also present in Ireland, while Binance, the world’s largest crypto exchange by trading volume, earlier said that it was considering the country as one of its locations for a global headquarters.
• However, in February 2022, the Central Bank of Ireland said that it was highly unlikely that the apex bank would approve cryptocurrency exposure for retail investors.