Cryptocurrency exchange Gemini received a license for electronic money from the Central Bank of Ireland. It was the 18th organization to be licensed and the first since October 2020. Gemini has joined licensed companies such as Coinbase, Stripe, Square and Meta.
The e-money license, which Gemini filed in early 2020 and received on March 14, will allow the issuance of e-money, the provision of e-payment services, and the processing of e-payments to third parties. It will also allow the company to ship these services to countries in the European Economic Area that are members of the European Union, Iceland, Liechtenstein and Norway. Gemini already offers exchange services in these countries.
Gemini also offers electronic money and exchange services in the UK, thanks to the approval of the country’s Financial Conduct Authority.
There is a growing awareness of the need to regulate cryptocurrencies in the country. The Oireachta finance committee agreed to review the regulation in February when it requested information documents from the central bank and tax authorities from the revenue commissioners. The central bank is already applying European anti-money laundering laws for virtual asset services.
Ireland has seen a growing presence of cryptocurrencies in the past year. Gemini opened its Dublin office in early 2021, hiring Gillian Lynch, former head of Irish banking platform Leveris and Bank of Ireland, as head of Ireland and Europe. Kraken and Ripple (XRP) have also chosen the country as their European base, while Binance (BNB) opened three subsidiaries in Ireland in September.
Back in February, Gemini joined Coinbase and Block as part of the Crypto Council for Innovation. The exchange then revealed that it had spent $120,000 on US lobbying in the second half of 2021.