Gemini, the cryptocurrency exchange run by Tyler and Cameron Winklevoss, has announced that it has chosen the Republic of Ireland as its new European home.
The announcement followed a meeting between the crypto co-founders, Irish Prime Minister Leo Varadkar, and representatives of the Industrial Development Agency (IDA), the body responsible for foreign investment in Ireland.
“We are grateful for the support of the Irish government and the IDA as we embark on the next, exciting steps of our journey. We look forward to being part of and adding to Dublin’s vibrant technology community,” said the Winklevoss brothers in a statement shared by Decrypt. “Crypto is like changing the Internet, and we are committed to unlocking the opportunities it represents.”
Taking to Twitter, Gemini CEO Tyler Winklevoss said yesterday’s discussions in Dublin focused on “the deep promise of crypto and the importance of common sense regulation to deliver on that promise.”
The CEO also stated that Gemini believes that Markets in Crypto Assets (MiCA), the recently adopted regulatory framework to manage cryptocurrencies in the European Union (EU), “is that common sense regulation.”
“We also announced that Gemini has made Ireland its European HQ. Keep it up!,” added Tyler Winklevoss.
Gemini is the first crypto company to be registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland in July 2022.
In an interview with The Irish TimesGemini president Cameron Winklevoss said that Ireland will be the “entry point” of the exchange to the rest of Europe once the MiCA regulation is fully implemented across the EU by 2025.
Gemini to stay in the US
Amid a wave of broader crackdowns on US cryptocurrency companies, which also targeted rival companies Kraken and Coinbase, the Securities and Exchange Commission (SEC) in January charged Gemini with trading unregistered securities related to the now terminated Earn program, with the regulator’s action prompting the exchange’s co-founders to begin looking at other jurisdictions.
Earlier this week, the Winklevoss twins visited London, where they met with officials from the Financial Conduct Authority (FCA) and the Bank of England, who identified the UK as a possible new base for the crypto exchange.
“There are so many headwinds right now in the US that it’s difficult to do anything there. And so to continue building our business and invest in hiring, we have to look elsewhere,” said Cameron Winklevoss. The Telegraph earlier this week, adding that “the UK is a good market to consider that.”
However, Gemini has no intention of leaving the US entirely.
“We are not leaving the US, we will continue to fight the good fight there. But we also understand that you can vote with your feet, and that’s our right and we’ll do that when faced with a hostile environment,” added Cameron Winklevoss.
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