The e-money license allows Gemini Payments cryptocurrency exchange to issue electronic money. The license does not allow Gemini to operate as an exchange in the country, but it will let it passport e-money services throughout the EEA.
Popular cryptocurrency exchange Gemini Payments, associated with crypto twin Tyler and Cameron Winklevoss, has secured an e-money license from the Central Bank of Ireland. Gemini has become the first Fintech to be authorized for such a license in the republic since October 2020. Other well-known companies that have received such authorization include Stripe, Facebook, and Google.
According to a report in the Irish Times, the license allows the exchange to issue electronic money, which it currently does in the UK via its Financial Conduct Authority (FCA) authorization. Gemini had applied for the license in 2020 due to the impact of Brexit. Gemini established an Office in Dublin last year, after applying for the local license in early 2020, partly as a reaction to Brexit.
Gemini will be able to replicate its services in the UK
Former Central Bank enforcement director Peter Oakes opines that the company will complement its new license by registering for a crypto asset license. This way, Oakes says Gemini will be able to replicate its services in the UK, where it received authorization from the UK’s Financial Conduct Authority. Oakes stated:
“The combination of an e-money authorization and a virtual asset services provider registration should provide Irish consumers and corporates a fuller range of Gemini’s digital assets and non-fungible tokens services such as buying and selling, interest on accounts, payments, credit cards and e-wallets.”
Kraken and Ripple (XRP) have also selected the country as their European base
Apart from Gemini, the leading U.S-based cryptocurrency exchange Coinbase is also present in Ireland. In contrast, Binance, the world’s largest crypto exchange by trading volume, said that it was considering the country as one of its locations for a global headquarters. Kraken and Ripple (XRP) have also selected the country as their European base.
However, in February 2022, the Central Bank of Ireland said it was doubtful that the apex bank would approve cryptocurrency exposure for retail investors. Gemini hired Gillian Lynch, former chief strategy officer at Leveris, to head up its Ireland operations. Commenting on the development, Lynch stated:
“Gemini securing this Electronic Money Institution authorization from the Central Bank of Ireland is a testament to the rigorous standards of our customer protection and compliance programs. […] We look forward to bringing our secure and simple services to individuals and institutions in the Irish market and across Europe.”
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.