Cameron Winklevoss has made a prediction that once regulations are implemented, there will be a significant surge of innovation in Europe, which he refers to as a “Cambrian explosion.”
Gemini, a cryptocurrency exchange, has chosen Dublin as the location for its European operations’ headquarters. This decision comes as numerous crypto companies are looking to expand beyond the United States.
Cameron and Tyler Winklevoss, the founders of Gemini, announced on May 25th that they have chosen Ireland as the foundation for expanding their company’s services throughout Europe. Gemini, established in 2014, aims to grow its presence in the region from its newly established base.
During a meeting with Ireland’s Prime Minister Leo Varadkar, the Winklevoss twins highlighted the reasons behind choosing the Emerald Isle as the location for their company. They cited Ireland’s strong regulatory system, abundant talent pool, and well-established technology community as the key factors influencing their decision.
Congratulations @Gemini -the first firm registered by the Central Bank of Ireland as a Virtual Asset Service Provider. This is significant for Ireland as the Government focuses on innovation as a driver of growth. I wish Gemini every success as they build their team in Ireland. pic.twitter.com/Y3WULIqwNc
— Leo Varadkar (@LeoVaradkar) May 25, 2023
Based on research conducted in August 2022, it was found that approximately 10% of surveyed Irish adults owned cryptocurrency. However, this percentage had decreased from 12% during the bullish market of 2021. Additionally, in January, the head of the Irish central bank advocated for a prohibition on cryptocurrency advertisements.
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Despite these challenges, the presence of crypto companies in Ireland remains strong, with notable examples being cryptocurrency exchanges like Binance and Kraken, along with numerous blockchain and fintech startups. Their decision to establish operations in Ireland indicates their confidence in the country’s potential as a favorable environment for their businesses.
Varadkar expressed the significance of Gemini’s choice, stating, “This is important for Ireland as the government emphasizes innovation as a catalyst for economic growth.” Meanwhile, Cameron Winklevoss informed reporters that “Ireland serves as our gateway to the European Union (EU).”
“We considered various countries within the European Union (EU) as potential options for entering the market, and after careful evaluation, we found Ireland to be a highly suitable choice. We were particularly impressed by Ireland’s reputable regulator, the CBI, as well as its thriving technology community, skilled talent pool, and supportive ecosystem. Hence, for us, selecting Ireland as our base was a clear and obvious decision.”
Gemini, which currently operates an office in Dublin with a team of 12 employees, obtained a license as a virtual asset service provider from the Central Bank of Ireland in July 2022.
The company intends to expand its workforce in response to the European Union’s recent approval of the Markets in Crypto-Assets regulations (MiCA). With the adoption of MiCA on May 16, Gemini plans to increase its staff count accordingly.
The Winklevoss twins anticipate a substantial surge in the crypto industry as a result of the implementation of the regulatory framework. Cameron Winklevoss expressed his belief that Europe will witness a remarkable burst of innovation, comparing it to a “Cambrian explosion,” following the introduction of MiCA.
Gemini has made previous moves to expand overseas. In April, the company disclosed its intention to create an engineering hub in India with the aim of tapping into the country’s growing pool of technological talent.
Gemini’s decision to expand its operations to Ireland occurs against the backdrop of mounting regulatory scrutiny in the United States, which has been characterized by some industry experts as a “war on crypto.”
In January, the Securities and Exchange Commission (SEC) took action against Gemini, accusing the company of engaging in unregistered securities sales. Cameron expressed his views on the situation in the United States, highlighting the challenges and lack of consistency in the regulatory landscape.
Gemini continues to operate offices in New York through its subsidiary, Gemini Trust Company, LLC.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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