Gemini has received an e-money license from the Central Bank of Ireland. With this highly-acclaimed approval, Gemini has emerged as the 18th crypto brand to earn the license from the banking regulator. The popularity of cryptocurrencies has witnessed a significant surge in the financial space with investors choosing crypto assets as a high potential investment tool against the traditional channels.
Reportedly, the e-money license will play a vital role in expanding Gemini’s operations in the country. The license approval will help Gemini to offer a wide range of services to native investors. The list of services to be offered by the exchange will include the issuance of e-money to the users, facilitation of e-payment services, and management of e-payments to third-party users in a decentralized interface. The Gemini team applied for the license in early 2020 and has managed to receive it on March 14, 2022, from the banking entity. The license will give the firm a right to deliver such services to European Economic Area countries that are members of the EU, Iceland, Liechtenstein, and Norway. Gemini offers its services to these regions.
Gemini has a strong customer cluster involving investors from different parts of the world. The powerful set of tools and services offered by the exchange has made it a strong player in the crypto space. The exchange is authorized by the Financial Conduct Authority to offer exchange and electronic payment services to users in the United Kingdom. Interestingly, the Ireland government authorities are striving to chalk out a well-structured regulatory set up for the fast-growing crypto community in the country. Earlier in the month of February, the Oireachtas Finance Committee (OFC) shared the plans and asked to send the prerequisites from the central bank and also the Revenue Commissioners tax authorities on the subject. The Central Bank of Ireland has already implemented European Anti-Money Laundering laws focused on firms related to virtual assets.
There has been a constant rise in the popularity of cryptocurrencies in Ireland and Gemini has been at the forefront to grab a share of this surge in business opportunities. In 2021, Gemini opened a new office in Dublin and onboarded Gillian Lynch as the chief of operations in Ireland and Europe. Ireland has been chosen as the European headquarters by Kraken and Ripple as well. In September, 2021, Binance launched three subsidiaries in Ireland as part of its operational expansion plans. Recently in February, Gemini joined the Crypto Council for Innovation alongside Coinbase and Block. The exchange invested $120,000 on fueling its operations in the United States.
Those willing to learn more about crypto can switch to Blockchain Council’s official website. The platform offers a wide range of courses devoted to crypto and blockchain technology. These courses are designed by experts to provide in-depth knowledge to investors planning to enter the thriving crypto space.