An advanced report issued by crypto exchange Gemini revealed that the firm had selected the Republic of Ireland as its European headquarter. The announcement compelled the crypto exchange to engage in dialogues with the Irish Prime Minister Leo Varadkar. The meeting was also attended by officials from the Industrial Development Agency (IDA), the regulatory agency supervising foreign investments.
Speaking at the meeting, the co-founders of Gemini, the Winklevoss twins, revealed plans to work closely with the Irish government and IDA. The Winklevoss brothers intend to introduce revolutionary tools to the fast-growing tech sector in Dublin.
Gemini Selects Ireland as its European Headquarter
They confessed that crypto has transformation capabilities just like the internet. The brother plans to unlock more opportunities in the crypto industry that will boost the quality of life of Irish citizens.
Afterward, the Gemini chief executive Tyler Winklevoss updated the Twitter community on the main agendas of the May 26 meeting. He tweeted that the meeting held in Dublin focused on the benefits of cryptos and expounded on the need to formulate friendly regulations supporting the digital assets growth. Tyler highlighted the importance of creating “common sense” regulation.
Reflecting on the market of crypto assets (MiCA) regulations which will be utilized to enforce crypto regulation in the European bloc, Tyler stated that the new regulatory framework corresponds to the proposed “common sense regulation.”
In his signing-off remarks, Tyler confirmed that the crypto exchange had selected Gemini Ireland as its Europe head office. In 2022 Gemini was the first crypto exchange to receive a Virtual Asset Service Provider (VASP) license approval.
In a previous interview by The Irish Times, the crypto exchange co-founder Cameron Winklevoss stated that by 2025 Ireland would be Gemini’s entry point. Cameron believes that after the implementation of the MiCA regulation, Ireland would become a center point to access Europe.
How will MiCA regulation Support Expansion of the Crypto Industry?
Despite the efforts made by Gemini to fully comply with the crypto regulation, the firm was in the crosshairs of US regulators for selling unregistered securities. The regulators ordered the crypto exchange to suspend the operation of its Earn Program.
Afterward, the Gemini team agreed to pursue new markets overseas due to regulatory pressures in the US. The test to comply with regulations obliged the Winklevoss brothers to prioritize engaging in dialogues with the Financial Conduct Authority (FCA) days ago.
The meeting was held in London, whereby the participants involved officials from the Bank of England, among other regulatory agencies. The Gemini team stated that the center of the discussion was on expanding the crypto exchange to the UK.
The Winklevoss brothers lamented that the existing regulation in the US undermined the operation of the crypto firms. Cameron updated the Telegraph reporters that the unfriendly crypto environment in US challenged the firm to explore new markets elsewhere to continue expanding the business and onboarding more customers and staff.
He added that the UK was the best market to invest in among the numerous options. Cameron’s speech at the Telegraph contradicted his previous proclamation, where he vowed not to exit the US.
In his statement, Cameron had announced plans to continue “fight” despite the regulatory clampdowns in the US. He argued that if the situation worsen, the Gemini team will reconsider their decision.
Besides Gemini engaging in regulatory scandals with the US financial watchdog its competitor Kraken has been subjected to potential action due to violation with the law.
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