Gemini to offer e-money services in Ireland upon receipt of an operating license

Gemini

Cryptocurrency exchange Gemini has announced that the Central Bank of Ireland has granted the company an electronic money license to operate. This will be the 18th organization to receive such a license from the Irish regulator. Fintech companies Meta, Square, Stripe and Coinbase already enjoy such licenses in Ireland.

Gemini applied for the permit in early 2020, but received approval on March 14. After approval, Gemini may not handle electronic payments for third parties, offer electronic payment services and issue electronic money. The license also entitles the exchange to provide such services in countries of the European Area, including Norway, Liechtenstein and other members of the European Union.

Gemini also holds an operating license in the UK from the Financial Conduct Authority (FCA), which allows it to provide e-money and exchange services in the region.

Ireland considers more regulation of virtual assets

While Ireland is one of the friendliest regions for crypto activity, the country’s financial watchdogs are considering more laws that could provide a stronger regulatory framework in the industry.

Last month, Oireachtas’ finance committee agreed to submit a cryptocurrency regulatory document. The country’s central bank has already enforced European anti-money laundering laws on digital asset service providers.

More exchanges establish operational base in Ireland

Ireland has witnessed an increase in crypto-related activity in the past year. Many top crypto exchanges and companies have established their offices in the country due to the recent crypto boom in the Irish market.

Early last year, Gemini opened its Dublin office and appointed Gillian Lynch as head of Ireland and Europe. Lynch is a former executive at Bank of Ireland and Irish banking platform Levers.

In September, Binance opened three European subsidiaries in Ireland, while Ripple (XRP) and Kraken also chose the country as their European base. Binance previously announced that it is also considering Ireland as one of its locations for a global headquarters. Other major fintech companies and cryptocurrency exchanges have expressed a desire to enter the Irish market.

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