Ireland Issues Gemini Electronic Money License By Central Bank – Bullish Signals
Welcome back to the Tribe! In this post we dive into the Gemini Electronic Money License that Ireland just issued.
Nothing should be considered investment or financial advice. Enjoy the ride!
Gemini Electronic Money License
Cryptocurrency exchange and digital asset custodial service provider Gemini has received an e-money license from the Irish Central Bank. The license allows the Winklevoss-led firm to operate a fintech firm in the country and issue electronic money to investors.
Winklevoss Twins Bag Another License from Regulators
According to a report published on Monday (March 21, 2022) by The Irish Times, a crypto platform led by the popular duo, the Winklevoss twins, has received a major regulatory license in Ireland.
Launched in 2014, Gemini boasts the common spot features of a crypto exchange. Users can buy digital currencies like Bitcoin and Ethereum on the platform. Gemini also offers custodial services, allowing its customers to securely hold their cryptos.
More recently, the platform added support for NFTs and announced that users can create, trade, and invest in non fungible tokens.
The Irish Times reported that Gemini has received an e-money license and will officially operate a fintech firm in the country. The platform previously applied for the license back in early 2020 following the economic impacts of Brexit.
After registering and waiting for approval, the Winklevoss twins also set up a local office in Dublin and hired former Leveris chief strategy officer Gillian Lynch to spearhead Gemini’s local efforts.
What Gemini’s License Means for Irish Market
With the recent approval from the Central Bank of Ireland, Gemini can now issue electronic money to customers and investors. Electronic money is a digital alternative to traditional fiat currency and serves as an acceptable payment method across a plethora of European Union member states.
Indeed, the news marks a key expansion of Gemini’s international services and aligns with similar regulatory approval in the U.K. The British Financial Conduct Authority (FCA) also issued an e-money license to Gemini back in September 2020.
Commenting on the news, former Central Bank enforcement director Peter Oakes said that Gemini could take its expansion move a step further by foraying into the institutional wealth custody and management market. Oakes also pointed out that a significant number of financial service providers have an appetite for virtual assets and cryptocurrencies.
The former apex bank official also added that Gemini’s presence in Ireland could incentivize other foreign and domestic fintech starts to invest in disruptive technology and support innovation in the digital economy.
Oakes particularly emphasized that the introduction of the platform to the Irish market plays a key role in bolstering the country’s images as a regulatory-friendly jurisdiction. Furthermore, Oakes has surmised that Gemini could pursue a full crypto asset license. The Fintech Ireland founder said that:
“The combination of an e-money authorization and a virtual asset services provider registration should provide Irish consumers and corporates a fuller range of Gemini’s digital assets and non-fungible tokens services such as buying and selling, interest on accounts, payments, credit cards and e-wallets.”
Other News – Tax On Crypto Mining
The Indian government which had earlier this month proposed a 30% tax on profits from cryptocurrencies, recently extended the tax to crypto mining, despite maintaining a neutral stance on crypto regulation. Also in another news, a Malaysian minister urges the government to legalize cryptocurrency.
Gemini Electronic Money License News
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