Cryptocurrency exchange Gemini has announced that the Central Bank of Ireland has issued the company an electronic money license to operate. This will become the 18th organization to receive such a license from the Irish regulator. Fintech firms Meta, Square, Stripe, and Coinbase are already enjoying such licenses in Ireland.
Gemini applied for the license in early 2020 but received approval on March 14. Following the approval, Gemini is not allowed to handle electronic payments for third parties, provide electronic payment services, and issue electronic money. The license also gives the exchange the right to provide such services in European Area countries, including Norway, Liechtenstein, and other European Union members.
Gemini also has an operational license in the U.K. from the Financial Conduct Authority (FCA), allowing it to offer e-money and exchange services in the region.
Ireland Considers More Regulation Of Virtual Assets
Although Ireland is one of the friendliest regions for crypto activities, the country’s financial watchdogs are considering more laws that can provide a stronger regulatory framework in the industry.
Last month, the Oireachtas Finance Committee agreed to submit a regulation document for cryptocurrency. The country’s central bank has already enforced European Anti-Money Laundering laws for digital asset services providers.
More Exchanges Set Operational Base In Ireland
Ireland has witnessed a surge in crypto-related activities since the past year. Many top crypto exchanges and firms have established their offices in the country due to the recent crypto boom in the Irish market.
Early last year, Gemini opened its Dublin office and appointed Gillian Lynch, as head of Ireland and Europe. Lynch is a former executive at Bank of Ireland and Irish banking platform Levers.
In September, Binance opened three European subsidiaries in Ireland, while Ripple (XRP) and Kraken also chose the country as their European base. Binance earlier announced that it was also considering Ireland as one of its locations for a global headquarters. Other major fintech firms and cryptocurrency exchanges have expressed a desire to enter the Irish market.
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