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Cryptocurrency exchanges are having a hard time in the United States amidst uncertainty about regulation and shifting legislation. Gemini, the exchange owned by the Winklevoss twins, is no different, leading the exchange to set up a new headquarter in Europe as part of a wider expansion.
The twins announced that they had selected Ireland as the base for Gemini’s European operations. They noted that they chose the country because of its strong regulatory system as well as its already established and growing technology community. As reported by Irish Times, Dublin will be the exchange’s European headquarter as Gemini looks to expand over Europe.
At the beginning of the year, Irish financial authorities slapped a ban on cryptocurrency advertising. Despite this, the community in the country is strong and there is a growing number of investors interested in adding crypto to their portfolios. Other crypto exchanges see the potential in Ireland, with Binance and Kraken also setting up operations in the country.
Irish Prime Minister Leo Varadkar commented on the news, saying that the move is “significant” for Ireland because the government has a focus and priority on innovation as a driver of growth. The twins are excited about the move because of how supportive the government is about the space, directly contrasting the uncertainty in the United States. While the firm will still maintain offices in New York, there has been a drive to expand widely into Europe. The twins noted:
“We’re grateful for the support of the Irish government and the IDA as we embark on the next, exciting steps in our journey. We look forward to being a part of and adding to the vibrant tech community in Dublin. Crypto is as transformative as the Internet, and we are committed to unlocking the opportunities it represents.”
MiCA’s role in Irish cryptocurrency regulation
Ireland falls within the bodywork of the new cryptocurrency bill, Markets in Crypto-Assets regulations (MiCA). The new law recently voted in draws a standard framework of crypto regulation. Cryptocurrency firms will be regulated under the same governing law, which will be rolled out from now.
The Gemini founders expect that this new legislation will promote cryptocurrency in a new way, with innovative companies encouraged to explore the digital assets industry. Cameron expects a “Cambrian explosion of innovation” in Europe as a result of the new law.