Seeking expansion following regulatory pressures in the US, Gemini chose Ireland as the center of its European operations.
Cameron and Tyler Winklevoss, who founded Gemini in 2014, confirmed on May 25 that they have chosen Ireland as their base to expand the company’s services across Europe. Meeting with Irish Prime Minister Leo Varadkar, the twins said they chose the Emerald Isle because of its robust regulatory system, deep talent pool and established tech community.
Cameron Winklevoss: Ireland, Our EU Entry Point
According to a study conducted in August 2022, about 10 percent of Irish adults surveyed stated that they own cryptocurrencies. However, that figure had declined by 12 percent during the 2021 bull market. In addition, the head of the Irish central bank called for a ban on crypto ads in January.
This has not deterred crypto companies from establishing their headquarters in Ireland, including crypto exchanges Binance and Kraken, as well as numerous blockchain and fintech startups. Making a statement on the subject, Irish Prime Minister Varadkar commented: “This is an important development for Ireland as the government focuses on innovation as the driver of growth”.
Making a statement about the new decision taken, Cameron Winklevoss stated that Ireland is the entry point to the EU.
“We looked at the entire EU as potential entry points and felt really comfortable with Ireland and the reputation of the regulator, the CBI, the tech community, talent and ecosystem. So it was a natural fit for us.” Gemini, which currently has a Dublin office with 12 staff, obtained a virtual asset service provider license from the Bank of Ireland in July 2022.
The firm plans to increase its staffing following the EU adoption of the new Crypto Asset Markets regulations (MiCA), which were officially approved on May 16.
Gemini predicts a massive upswing in the crypto industry after the regulatory framework becomes available. This isn’t Gemini’s first move abroad. The firm announced in April that it plans to tap into the country’s emerging technology talent pool by establishing an engineering center in India.
The Securities and Exchange Commission took action against Gemini in January, accusing the company of selling unregistered securities. Regarding the situation in the US, Cameron commented: “It’s definitely compelling and lacks consistency.”
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