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Gemini receives an e-money license in Ireland

 


Cryptocurrency exchange Gemini has received an e-money license from the Central Bank of Ireland . The exchange is the 18th company and the first since October 2020 to have received such a license. Gemini follows the example of Coinbase, Stripe, Square and Meta. 


The e-money license, which Gemini applied for in early 2020 and received on March 14, allows the exchange to issue e-money, offer electronic payment services, and process electronic payments for third parties. In addition, the company can transmit these services to the countries of the European Economic Area, i.e. to the member states of the European Union as well as to Iceland, Liechtenstein and Norway. Gemini already offers exchange services in these countries.


Gemini also offers exchange and e-money services in the UK, as the exchange has been authorized by the local financial regulator, the FCA.


There is growing awareness in Ireland of the need for regulation of cryptocurrencies. The Oireachta's Finance Committee decided in February to look into the regulation. To this end, the Committee has requested information documents from the Central Bank and the Tax Administration. The central bank is already enforcing European anti-money laundering laws for virtual asset providers.


A growing number of crypto companies have set up shop in Ireland over the last year. Gemini opened its Dublin office in early 2021 and hired Gillian Lynch, a former executive at Irish banking platform Leveris and Bank of Ireland, as Head of Ireland and Europe. Kraken and Ripple ( XRP ) have also chosen the country as their European base. Binance ( BNB ) opened three offices in Ireland in September .


In February, Gemini joined the Crypto Council for Innovation , along with Coinbase and Block . At the time, the exchange said it spent $120,000 lobbying in the United States in the second half of 2021.

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