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Microsoft's Skill Up Ireland initiative brings AI training to Inishbofin, benefiting innkeepers, weavers, and florists. (Read More)
Crypto.com has received approval from the Central Bank ofIreland to operate as a Virtual Asset Service Provider (VASP). This approvalwill allow Crypto.com to expand its services in Ireland. These services includecrypto-to-fiat exchanges and fiat wallets.
Expanding Services in Ireland
The VASP license indicates that Crypto.com meets the standardsfor compliance procedures. This includes measures for anti-money laundering and combating the financing of terrorism. These measures areimportant as cryptocurrencies are often used to bypass laws and sanctions.
Crypto.com serves a global customer base of 100 millionpeople. The company aims to enhance its offerings in Ireland with this newapproval.
Eric Anziani, President and COO of Crypto.com, commented:This approval from the Central Bank of Ireland is the latest testament to ourcommitment to compliance and responsible innovation. We are excited to broadenour offering in Ireland, enabling consumers to engage with the mostcomprehensive crypto product offering.
#Crypto Exchange #Crypto.com Secures Spot on Ireland's Virtual Assets Service Provider Register - CoinDesk https://t.co/Dem9E3JL72
Stock Market News (@Stock_Market_Pr) June 11, 2024Surpassing 100 Million Users Globally
Crypto.com has surpassed 100 million users globally,achieving this milestone since its inception in 2016, as Finance Magnatesreported. The cryptocurrency exchangeattributes this success to recent marketing campaigns, including partnershipswith notable personalities, venues, and events.
Notable efforts include hostingNBA and NHL playoffs at the Crypto.com Arena and sponsoring the Formula 1Crypto.com Miami Grand Prix. The company also launched the"INEVITABLE" film under the "Fortune Favors the Brave"campaign.
CEO Kris Marszlek emphasized the importance of these campaigns inestablishing the brand. In May, Crypto.com received a license from Dubai'sVirtual Assets Regulatory Authority to offer institutional crypto trading. Theexchange aims to expand its services for retail investors in Dubai and furthersolidify its global market position.
This article was written by Tareq Sikder at www.financemagnates.com.
The Central Bank of Ireland has approved 15 different VASPs from June 7, 2024, including Crypto.com, Coinbase, Gemini, Ripple and others.
The Central Bank of Ireland has approved Ramp Network as a Virtual Asset Service Provider (VASP). Ramp Network is a financial technology business that is developing payment rails to link cryptocurrency to the global financial system. The Irish division of Ramp Network, being a registered VASP, will provide services that let
Stablecoin issuer Circle plans to move its legal base fromIreland to the US, according to recent court filings, Bloomberg reported. Thisaction is significant for the company behind the second-largest stablecoin,USDC, ahead of its anticipated initial public offering.
The decision to shift its legal base has significant implications for Circle, particularly in terms of taxes. While Ireland has been attractive to multinational corporations due to its relatively low corporate taxes, recent reforms imposing a minimum 15% tax on the profits of largermultinationals have eroded some of that advantage.
Business Dynamics
By moving to the US, Circle may face heavier taxobligations, signaling a strategic decision amidst evolving global taxregulations. Circle is behind USDC, a stablecoin with a market capitalizationof more than $30 billion. Despite facing challenges in the past, includingbanking issues with Silicon Valley Bank, USDC has experienced a recovery amid positive sentiment in the crypto market.
Circle's latest decision is closely monitored bytraditional finance players and the crypto community. The company is backed byWall Street giants, including Goldman Sachs Group Inc., BlackRock, and FidelityManagement and Research, as well as major crypto exchanges like Coinbase.
Last year, Bloomberg reported that Circle wascontemplating going public despite a previous failed attempt to list via areverse merger. The Boston-based company is reportedly preparing for a secondattempt at an initial public offering this year.
In Talks with Advisers
While Circle has not officially confirmed these talks,sources familiar with the matter suggest that the company is engaged indiscussions with advisers to prepare for the potential IPO. However, uncertaintylooms over whether Circle will ultimately proceed with the public listing,highlighting the cautious approach in the volatile cryptocurrency market.
Established in 2013, Circle has emerged as a keyplayer in the cryptocurrency ecosystem, particularly with its USDC stablecoin. Previously, Circle attempted to go public in partnership with ConcordAcquisition Corp. in a transaction valuing the stablecoin issuer at $9 billion. Despite its ambitions, Circle faced challenges after the collapse of its banking partner, Silicon Valley Bank. This eventthreatened to de-peg USDC but was mitigated by a US government bailout package.
This article was written by Jared Kirui at www.financemagnates.com.
Circles strategic shift away from Ireland could increase compliance costs, but the tradeoff suggests improved investor confidence.
Earlier in the week, it seemed that the Winklevoss brothers' crypto exchange, Gemini, would set its headquarters in England. On Thursday, Cameron Winklevoss indeed confirmed reports that due to regulatory turmoil in the US, their platform is seeking a safe haven in another jurisdiction and that this would be located in the British Isles.
However, Instead of London, Gemini has chosen Dublin, the capital of Ireland. What is more, Gemini is not moving its global HQ, but sets the European one in the Irish city.
Gemini Bets on Crypto Development in Ireland
Finance Magnates, citing information from The Telegraph, reported that the Winklevoss twins had been meeting with representatives of the British FCA and the central bank to discuss a potential move of the headquarters to the UK.
However, as it turns out, the Gemini founders also had talks with representatives of other countries in the British Isles, ultimately choosing Ireland. Tyler Winklevoss confirmed This information on Thursday on his Twitter after meeting with the Irish Prime Minister, Leo Varadkar.
"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," Winklevoss commented.
Awesome meeting this morning with @LeoVaradkar, 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… pic.twitter.com/Iv3NmPTmju
— Cameron Winklevoss (@cameron) May 25, 2023It is worth reminding that in July 2022, Gemini became the first company to be registered as a Virtual Asset Service Provider (VASP) in Ireland after launching its local branch a year earlier.
"Gemini's decision to locate in Ireland highlights our competitive offering for the international financial services sector," Varadkar commented in a social media post.
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.
— Leo Varadkar (@LeoVaradkar) May 25, 2023Gemini Will Not Leave the United States Entirely
Although the Gemini cryptocurrency exchange is setting European headquarters in Ireland, it does not intend to leave the United States altogether.
From the Winklevoss twins' statements, it is clear that they intend to continue fighting for improved regulatory conditions in their country. For the good of their business, they are considering moving the main part of their operations to Ireland, which, in their opinion, has a decidedly better and more transparent approach to regulations concerning digital assets.
"There are so many headwinds right now in the US it's hard to get anything done there," Cameron Winklevoss, one of the Gemini Founders, commented for The Telegraph. "And so in order to keep building our business and invest in hiring, we have to look elsewhere."
Increasing regulatory pressure from US supervisory authorities and solid drops in cryptocurrency prices in 2022 have significantly impacted Gemini. The exchange has cut employment three times in the last few months, most recently in January of this year.
Looking for alternatives to the American market, the Winklevoss twins had earlier announced plans to launch a platform for cryptocurrency derivatives outside the US named Gemini Foundation in response to regulatory pressure in the United States. Additionally, in April, Gemini entered the Canadian market by obtaining a license from the Ontario regulator.
This article was written by Damian Chmiel at www.financemagnates.com.
Cameron Winklevoss has predicted a “Cambrian explosion” in European innovation once regulations are rolled out.
Gemini has set its sights on Europe, announcing Dublin, Ireland, as its preferred base of operations.
Payward Europe Solutions, Kraken's Irish subsidiary, has been granted VASP authorization by the Central Bank of Ireland. This authorization comes at a critical time as the EU is set to vote on the MiCA regulation, which requires all companies operating as a crypto assets service provider in the EU to register with an authorized regulator. (Read More)
Gabriel Makhlouf reportedly said there was an “uncomfortable” level of crypto advertisements targeting young adults.
Coinbase said on Wednesday that it has received a Virtual Asset Service Provider license from the Central Bank of Ireland.
Numerous cryptocurrency businesses, Gemini per se, have been strutting their stuff in Europe. While many people believe that Europe may become the next hotspot for cryptocurrencies, another exchange joined the Euro bandwagon. Gemini, the Winklevoss twins’ exchange, has succeeded in getting approval from Irish regulators. Recent rumors claim that Gemini has started offering cryptocurrency trading […]
Gemini has entered the Irish market. The company is now providing crypto exchange and custody services to individuals and institutions. (Read More)
Adults in Ireland have become slightly less interested in crypto with a drop in ownership from 12% to 10% in the last year.
Political parties in Ireland will be banned from accepting financial donations through cryptocurrencies under a new set of rules that are being drafted.
The central bank warned people to be mindful of "the risks of misleading advertisements, particularly on social media, where influencers are being paid to advertise crypto assets."
Leading crypto exchange Gemini Payments announced securing an e-money license from Ireland’s Central Bank. It is the first fintech to become authorized for such a license in the Republic since October 2020. By this, the trading platform joins the likes of well-known firms such as Stripe, Facebook, and Google to receive such authorization. An Irish permit will enable Gemini […]
It is not clear how the exchange will utilize the newly formed entities.
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