Gemini has chosen Dublin as the hub for its European operations in a significant move to expand its operations beyond the United States. This was revealed in an announcement on May 25, 2023, by the Irish Prime Minister, Leo Varadkar.
During a meeting with Prime Minister Leo Varadkar, the Winklevoss twins, the founders of Gemini, cited several factors that made Ireland an attractive choice. These factors include Ireland’s robust regulatory framework, abundant talent pool, and thriving technology community.
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
Gemini already holds a virtual asset service provider license from the Central Bank of Ireland, obtained in July 2022. The company currently operates an office in Dublin with a team of 12 individuals. With the recent approval of the Markets in Crypto-Assets laws (MiCA) by the European Union, Gemini plans to further expand its workforce.
The Winklevoss twins anticipate that the implementation of this legislative framework will lead to a significant boost in the cryptocurrency market. Cameron Winklevoss even compared the expected innovation surge in Europe to the Cambrian explosion, a metaphorical reference to a period of rapid diversification and evolution.
Gemini’s selection of Dublin as its European hub reinforces Ireland’s position as an attractive destination for cryptocurrency businesses seeking growth and expansion. The country’s favorable regulatory environment, talented workforce, and supportive ecosystem will provide a solid foundation for Gemini’s operations in Europe.
It is worth noting that in January, the head of the Irish central bank called for a ban on cryptocurrency advertising. However, the Irish government recognizes the importance of innovation as a driver of prosperity and remains supportive. A survey conducted in August 2022 among Irish citizens revealed that 10% owned Bitcoin, indicating a growing interest in cryptocurrencies.
Gemini’s expansion efforts in Europe have also seen success in Italy and Greece. The company obtained regulatory permissions from Italy’s Organismo Agenti E Mediatori (OAM) to operate as a virtual currency operator and approval from Greece’s Hellenic Capital Markets Commission (HCMC) to provide custody wallets and services for cryptocurrency exchanges.
Gemini also has a broader international expansion strategy. In April 2023, the company announced its intention to establish an engineering base in India—the crypto exchange plans to leverage the country’s burgeoning technology talent pool.
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