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The newly received authorization does not allow the firm to operate as a crypto exchange within the country. Nevertheless, the license lets Gemini issue electronic money and handle electronic payment services.
Cryptocurrency exchange Gemini has announced the receipt of an e-money license from the Central Bank of Ireland.
With the announcement, Gemini became the 18th company to receive such a license. It joined the ranks of companies like Stripe, Meta and Coinbase. According to the Irish Times, Gemini submitted its application for the e-money license in early 2020.
Last year, it opened an office in Dublin. The firm also hired Gillian Lynch, a former executive at Leveris and Bank of Ireland, as head of its Irish operations. Lynch believes Ireland to be the hub for financial services and a center for different innovative financial products.
Indeed, the nation has witnessed growth in the crypto space. Last year, Binance established 3 subsidiaries in Ireland. Likewise, Ripple and Kraken have also selected Ireland as their European base of operations.
Consequently, there has been a call for more regulations in the country’s cryptocurrency sector. In response, the Oireachtas Finance Committee requested briefing documents from the Central Bank and the Revenue Commissioners tax authority in February. Asides from that, the Central Bank already enforces European Anti-Money Laundering laws for virtual asset services providers.
Lynch noted the license, “is a testament to the rigorous standards of our customer protection and compliance programs.”
What the E-Money License Authorizes
The newly received authorization does not allow the firm to operate as a crypto exchange within the country. Nevertheless, the license lets Gemini issue electronic money and handle electronic payment services. These services can also be spread to other countries in the European Economic Area where the firm already provides exchange services.
Gemini also provides exchange and e-money services in the United Kingdom by the authorization of the regulatory body. The firm has also been making some big moves to cement its position in the crypto space. In February, Gemini joined the Crypto Council for Innovation along with Coinbase and Block. The firm also noted that it spent about $120,000 on lobbying activities within the US in the second half of 2021.
“We look forward to bringing our secure and simple services,” Lynch said, “to individuals and institutions in the Irish market and across Europe more broadly.”