Gemini Chooses Republic of Ireland as European Base Amid Regulatory Pressure
Gemini, the cryptocurrency exchange led by Tyler and Cameron Winklevoss, has announced its decision to establish its new European base in the Republic of Ireland. The move comes in response to increasing regulatory pressure in the United States.
Following a meeting with Irish Prime Minister Leo Varadkar and representatives of the Industrial Development Agency (IDA), responsible for foreign investment in Ireland, the Winklevoss brothers expressed gratitude for the support received. They stated their commitment to contributing to the thriving tech community in Dublin, emphasizing the transformative potential of cryptocurrencies comparable to the internet itself.
Gemini CEO Tyler Winklevoss took to Twitter to highlight the discussions in Dublin, focusing on the promising future of crypto and the significance of sensible regulation to realize its potential. He also praised the Markets in Crypto Assets (MiCA) regulatory framework recently adopted by the European Union (EU), describing it as a common-sense approach.
Gemini, which became the first crypto company registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland in July 2022, views Ireland as its European headquarters and an entry point to the wider European market once MiCA regulations are fully implemented across the EU by 2025.
While facing regulatory challenges in the U.S., Gemini remains committed to its presence there and will continue to navigate the regulatory landscape. However, the company acknowledges the importance of exploring alternative jurisdictions to ensure business growth and investment.
Earlier, the Winklevoss twins visited London, engaging with officials from the Financial Conduct Authority (FCA) and the Bank of England, indicating the United Kingdom as a potential option for their crypto exchange’s operations.
Gemini maintains its dedication to the U.S. market while recognizing the ability to choose favorable environments for business operations.