Cameron and Tyler Winklevoss confirmed on May 25 that they had chosen Ireland as a base to expand the company’s services across Europe. During a meeting with the Prime Minister of Ireland, the co-founders of Gemini said they chose the country because of its robust regulatory system, its vast pool of talent and its large community technological.
Gemini already well established in Ireland
Gemini, which already has an office in Dublin, received a virtual asset service provider license from the Central Bank of Ireland in July 2022. The company plans to increase its workforce following the EU adoption of the new regulations on the crypto markets (MiCA), which was officially approved on May 16.
As advertised CoinTelegraphthe co-founders of Gemini foresee a big boost for the crypto industry following the deployment of the regulatory framework. However, this is not Gemini’s first overseas move. Indeed, in April, the company announced its intention to establish an engineering center in India. So, the goal was to tap into its burgeoning tech talent pool.
This decision by Gemini comes in a context of growing pressure in the United States. In effect, this country is waging a real war against cryptocurrencies and does not hide it. Recently, the SEC filed suit against Gemini. The agency accuses the company of unregistered title sales.
A country increasingly focused on cryptos
A study from August 2022 concluded that approximately 10% of Irish adults held cryptocurrency. However, the figure was down from 12% during the 2021 bull market. Additionally, the head of Ireland’s central bank called for a ban on crypto advertising in January. However, this has not deterred companies in the sector from setting up shop there, including famous exchanges like Binance or Kraken, as well as blockchain and fintech startups. By choosing Ireland as European, the Gemini company intends to ride this wave to popularize cryptocurrencies and interest more and more Europeans.
In this regard, Varadkar has declared : “It’s important for Ireland as the government is focused on innovation as a driver of growth. Cameron Winklevoss told reporters that ” Ireland is our entry point to the EU“.
In short, this decision by Gemini could breathe new life into the crypto industry. Indeed, it is increasingly attacked by the American authorities.
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