May 26, 2023 05:05
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.
World Crypto Global
