Just-In: Winklevoss Crypto Exchange Gemini Gets Irish E-Money License

Gemini, the crypto exchange started by Cameron and Tyler Winklevoss, has gained a license to issue electronic money (e-money) in Ireland. The company joins the ranks of Facebook and Google in being able to issue digital cash in the country.

Gemini is the first fintech firm authorized to issue e-money by the Central Bank of Ireland since late-2020, The Irish Times reported. The exchange had locally applied for a license in early-2020, anticipating an impact from Brexit.

The license follows the setting up of an Irish base by Gemini in 2021, as it looks to set up broader operations in the European Union through the country. With the e-money license, the firm can now offer a broader range of crypto and NFT services in the country.

Other staple crypto exchanges including Binance and Coinbase are already available in Ireland.

Cryptocurrency law in Ireland is limited, but largely follows European regulatory practices. Crypto is not considered as legal tender, and any exchanges operating in the country are required to register with the central bank.

Gemini a stickler for regulation

Founded by the Winklevoss twins in 2014, Gemini has attempted to set itself apart from its peers by emphasising on its regulatory compliance. It is among the few crypto exchanges authorized by UK’s Financial Code Authority (FCA), and is also allowed to issue e-money in the country.

The firm is also one of the first crypto businesses to be registered under the New York State Department of Financial Services, which is considered to be one of  the toughest financial regulators in the world.

Gemini operates its own stablecoin, the Gemini dollar, which can be used to transact on the exchange.

Gemini founders Cameron and Tyler Winklevoss are perhaps best known for suing Facebook founder Mark Zuckerberg in the 2000s. But they have more recently also become vocal supporters of crypto.