The Central Bank of Ireland has granted a license to cryptocurrency exchange Gemini. This was the 18th license granted and the first since Oct 2020. Gemini was among the license holders such as Square, Stripe and Meta.
Gemini applied for an e-money licence in 2020. It was granted on March 14. This license will allow Gemini to issue electronic money and provide electronic payment services. The company will be able to passport these services to European Economic Area members Iceland, Liechtenstein, and Norway. Gemini provides exchange services to these countries already.
Gemini is also authorized by the Financial Conduct Authority of the United Kingdom to provide e-money and exchange services.
The need for regulation of cryptocurrency is becoming more widely recognized in the country. In February, the Oireachtas Finance committee agreed to examine regulation after it received briefing documents from both the Central Bank of the Revenue Commissioners tax authority. The European Anti-Money Laundering Laws for Virtual Asset Service Providers are already being enforced by the Central Bank.
In the past year, Ireland has witnessed a rise in crypto activity. Gemini opened its Dublin branch in the early 2021 and appointed Gillian Lynch, an ex-executive at Leveris and Bank of Ireland as its head of Europe and Ireland. Kraken and Ripple, XRP have also chosen Ireland as their European base. Binance (BNB), opened three Irish subsidiaries in September.
Gemini was part of the Crypto Council for Innovation back in February. The exchange claimed that it had spent $120,000 in lobbying activities in the United States during the second half 2021.