Crypto exchange Gemini has announced that it has selected Dublin, Ireland, as the headquarters for its European operations, joining a growing number of crypto companies expanding outside of the United States. Founders Cameron and Tyler Winklevoss confirmed the decision on May 25, highlighting Ireland's robust regulatory system, deep talent pool, and established technology community as key factors in their choice.
Ireland has shown promise in the crypto industry, with approximately 10% of Irish adults surveyed in August 2022 reporting holding cryptocurrencies. However, this figure represents a decline from the 12% reported during the 2021 bull market. It is worth noting that the Irish Central Bank chief called for a ban on crypto advertising in January, raising some concerns.
Nevertheless, despite these challenges, Ireland has become an attractive destination for crypto companies. Notable players such as Binance and Kraken have already established a presence there, alongside numerous blockchain and fintech startups. Gemini's positive outlook on Ireland's regulatory landscape, combined with Dublin's thriving startup scene and talent base in technology and innovation, solidified the decision to choose the Irish capital as their European headquarters.
During a meeting with Ireland's Prime Minister Leo Varadkar, the Winklevoss twins expressed their excitement about Gemini becoming the first firm registered by the Central Bank of Ireland as a Virtual Asset Service Provider. This achievement holds significance for Ireland as the government emphasizes innovation as a driver of economic growth. Varadkar also commended Gemini's decision, highlighting the country's competitive offering for the international financial services sector.
Gillian Lynch, Head of Ireland and Europe at Gemini, praised Dublin's vibrant tech community, thriving startup scene, and deep talent pool. The company looks forward to leveraging these resources as they continue to expand their global footprint. Gemini recognizes Dublin's commitment to fostering innovation, backed by a policy environment that encourages entrepreneurship.
Gemini's co-founders, Tyler Winklevoss (CEO) and Cameron Winklevoss (President), expressed their gratitude for the support received from the Irish government and the IDA. They are eager to join and contribute to Dublin's tech community, emphasizing their belief that crypto is as transformative as the Internet, and they are committed to unlocking the opportunities it presents.
Michael Lohan, CEO of IDA Ireland, sees Gemini's decision as a significant development in the emerging and rapidly growing digital assets sector. Being registered as a Virtual Asset Service Provider by the Central Bank of Ireland further strengthens Ireland's position as a destination for digital assets, and Lohan wishes Gemini success in their endeavours.
Gemini's registration as a Virtual Asset Service Provider by the Central Bank of Ireland took place in July of the previous year, making it the first company to receive such recognition. In February 2022, the company also obtained Electronic Money Institution authorization from the Central Bank of Ireland, solidifying its position in the Irish market.
Gemini's choice to establish its European headquarters in Dublin reflects the growing interest in Ireland's regulatory environment and its potential as a hub for the expanding crypto industry. With a supportive government and a thriving tech ecosystem, Dublin is poised to become a key player in the evolving landscape of digital assets.
