The Central Bank of Ireland approves Gemini for providing electronic money services

The Central Bank of Ireland has finally approved the crypto exchange platform Gemini to offer electronic money services in the country.
The Central Bank of Ireland has finally approved the crypto exchange platform Gemini to offer electronic money services in the country.

The Central Bank of Ireland has finally approved the crypto exchange platform Gemini to offer electronic money services in the country. The exchange is the first organization to receive the license since October 2020 and 18th overall. The other major firms with the license include Coinbase, Stripe, Meta, and Square.

Gemini acquired its electronic money license on March 14, 2020, after applying in early 2020. The move will allow it to issue electronic money, provide electronic payment services, and manage electronic payments for third parties. It will also allow the exchange to export its services to members of the European Economic Area, such as Iceland, Norway, and Liechtenstein. In such nations, Gemini already provides exchange services.

Gemini, along with Uphold, is also licensed to provide exchange and electronic money services in the United Kingdom, following getting approval from the Financial Conduct Authority.

The country is becoming increasingly aware of the necessity for crypto regulation. When the Oireachtas Finance Committee requested briefing documents from the Central Bank and the Revenue Commissioners tax body in February, it agreed to examine regulation. For virtual asset service providers, the Central Bank already enforces European AML laws.

The demand of Ireland among crypto companies

In recent years, Ireland has experienced a growing crypto presence. Gillian Lynch, a former executive of the Irish banking platform Leveris and Bank of Ireland, was hired as head of Ireland and Europe when Gemini opened its Dublin office in early 2021. Crypto exchange Binance registered three new firms in Ireland in September, with Kraken and Ripple (XRP) having chosen the country as their European headquarters.

Gemini became a member of the Crypto Council for Innovation in February, with Coinbase and Block. The exchange announced at the time that it had spent $120,000 on lobbying activities in the United States in the second half of 2021.