Crypto exchange Gemini has found a new European headquarters as regulators in the US remain hostile toward the digital asset industry.
On Thursday, Cameron Winklevoss, who co-founded the exchange with his twin brother Tyler, announced his company would be setting up a regional HQ in Ireland.
“Awesome meeting this morning with Leo Varadkar, the Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that Gemini has made Ireland its European HQ. Onward!”
MiCA stands for Markets in Crypto Assets Regulation, a piece of legislation in the European Union that will provide rules covering the supervision, consumer protection and environmental safeguards of crypto assets. The law also includes measures against other financial crimes, including market manipulation, money laundering and terrorist financing.
The European Union passed MiCA earlier this month, and the legislation is set to go into effect by next year.
Varadkar, the Irish Prime Minister, notes that Gemini is the first firm registered by the Central Bank of Ireland as a Virtual Asset Service Provider (VASP).
“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.
Gemini’s decision to locate in Ireland highlights our competitive offering for the international financial services sector. We take pride in how it has grown from 60 staff in Dublin 30 years ago, to approximately 56,000 people around the country working in finance today.”
Gemini is expanding beyond the US as rival crypto exchanges face tighter scrutiny from the U.S. Securities and Exchange Commission (SEC) and the Commodities Future Trading Commission (CFTC).
In March, the CFTC charged Binance and its CEO Changpeng Zhao (CZ) with a long list of alleged regulatory violations.
That same month, the SEC sent a Wells Notice to Coinbase, which said the regulator had made a “preliminary determination” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
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