Cryptocurrency exchange and digital asset custodial service provider Gemini has received an e-money license from the Irish Central Bank. The license allows the Winklevoss-led firm to operate a fintech firm in the country and issue electronic money to investors.
Winklevoss Twins Bag Another License from Regulators
According to a report published on Monday (March 21, 2022) by The Irish Times, a crypto platform led by the popular duo, the Winklevoss twins, has received a major regulatory license in Ireland.
Launched in 2014, Gemini boasts the common spot features of a crypto exchange. Users can buy digital currencies like Bitcoin and Ethereum on the platform. Gemini also offers custodial services, allowing its customers to securely hold their cryptos.
More recently, the platform added support for NFTs and announced that users can create, trade, and invest in non fungible tokens.
The Irish Times reported that Gemini has received an e-money license and will officially operate a fintech firm in the country. The platform previously applied for the license back in early 2020 following the economic impacts of Brexit.
After registering and waiting for approval, the Winklevoss twins also set up a local office in Dublin and hired former Leveris chief strategy officer Gillian Lynch to spearhead Gemini’s local efforts.
What Gemini’s License Means for Irish Market
With the recent approval from the Central Bank of Ireland, Gemini can now issue electronic money to customers and investors. Electronic money is a digital alternative to traditional fiat currency and serves as an acceptable payment method across a plethora of European Union member states.
Indeed, the news marks a key expansion of Gemini’s international services and aligns with similar regulatory approval in the U.K. The British Financial Conduct Authority (FCA) also issued an e-money license to Gemini back in September 2020.
