Crypto Exchange Gemini Picks Ireland as its European Base of Operations

Crypto exchange Gemini picks Ireland as its European base of operations for crypto services

According to Cointelegraph, Gemini, a crypto exchange, has chosen Dublin as its headquarters of operations in Europe against a background of crypto firms looking to grow outside of the United States.

Gemini's founders, Cameron, and Tyler Winklevoss, reportedly made a statement about choosing Ireland to advance the company's European base expansion. The Winklevoss brothers explained why they chose Ireland at a meeting with Prime Minister Leo Varadkar, citing the country's regulatory framework, talent pool, and technical advancements.

According to Cointelegraph, findings from a research study conducted in August 2022 showed that 10% of Irish citizens polled owned Bitcoin. However, it decreased from 12% during the bull market of 2021. The modification is said to have had little effect on blockchain and fintech businesses, as well as crypto companies like Binance and Kraken, from opening up shop there.

This is important for Ireland because of the government's emphasis on innovation as a growth driver. According to Cameron Winklevoss, "Ireland is our entry point into the EU. We considered the whole EU as a possible entry point, but Ireland's reputation as a regulator, the CBI, as well as the talent pool and environment made us feel the most at ease. Therefore, for us, it was a clear natural match," Varadkar said.

Additionally, Gemini obtained a virtual asset service registration from Ireland's central bank in July 2022, according to Cointelegraph. According to reports, the company wants to increase its headcount when the EU adopts new Markets in Crypto-Assets legislation (MiCA), which was approved on May 16, 2023.