Gemini Chooses Dublin as European Headquarters

Bitcoin exchange Gemini has chosen Dublin as the headquarters for its European operations amidst a backdrop of crypto firms seeking expansion outside the United States.

Cameron and Tyler Winklevoss, who founded Gemini in 2014, announced on May 25 that they had chosen Ireland as a base for expanding the company’s services throughout Europe.

During a meeting with Ireland’s Prime Minister Leo Varadkar, the twins explained that they chose the Emerald Isle due to its robust regulatory system, immense talent pool, and established technology community.

According to research conducted in August 2022, approximately 10% of Irish adults held cryptocurrency.

However, the figure decreased from 12 percent during the bear market of 2021. In January, the head of the Irish central bank called for a ban on crypto advertising.

This has not prevented crypto companies, such as Binance and Kraken, as well as countless blockchain and fintech startups, from setting up shop there.

Varadkar stated, “This is significant for Ireland because the government prioritizes innovation as a growth driver.” Cameron Winklevoss told reporters, “Ireland is our point of entry into the EU.”

“We looked at all of the EU as potential entry points and we felt really comfortable with Ireland and the reputation of the regulator, the CBI, as well as the technology community and talent and the ecosystem. So for us, it was an obvious natural fit.”

In July 2022, Gemini received a virtual asset service provider license from the Central Bank of Ireland. Gemini already had a Dublin office with 12 employees.

Following the EU’s adoption of the new Markets in Crypto-Assets (MiCA) regulations on May 16, the company intends to increase its headcount.

Following the implementation of the regulatory framework, the twins anticipate a substantial increase in the crypto industry. Cameron Winklevoss stated, “I anticipate a Cambrian explosion of innovation in Europe due to MiCA.”

It is not Gemini’s first international move. In April, the company announced plans to establish an engineering hub in India to tap the country’s burgeoning tech talent pool.

The move coincides with heightened regulatory pressure in the United States, which some industry observers have dubbed a “war on crypto.”

In January, the Securities and Exchange Commission took action against Gemini, accusing the company of selling unregistered securities. Cameron remarked on the state of affairs in the U.S.: “It’s difficult, and there’s a lack of consistency.”

The firm continues to operate in New York under the Gemini Trust Company, LLC name by.