The American Securities and Exchange Commission (SEC) is, with much criticism within the community as a result, waging a veritable war against the crypto industry. With the approach of the financial watchdog, it prefers a firm hand instead of consultation and clarity. At the same time, Europe is currently taking major steps towards a clear legislative framework after the MiCa crypto law was officially adopted a while back.
Amid a growing number of crypto companies looking to expand outside the United States, crypto exchange Gemini has now chosen Dublin as the headquarters for its European operations.
Crypto exchange Gemini in Dublin
On May 25, Cameron and Tyler Winklevoss, the twin brothers who founded Gemini in 2014, confirmed that Ireland will be the home base to expand the company’s services across Europe.
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, 2023
Meeting with Irish Prime Minister Leo Varadkar, the twins said they chose Ireland because of its robust regulatory system, large talent pool and established technology community.
Gemini, which already has an office in Dublin with twelve employees, was registered by the Central Bank of Ireland in July 2022 as Virtual Asset Service Provider (VASP). It was also the first crypto exchange to receive a license from the country’s central bank.
In a interview speaking to The Irish Times, Cameron Winklevoss said Ireland will be the exchange’s “point of entry” to the rest of Europe once the MiCa Act is fully implemented in 2025. The twins therefore expect a major boost for the crypto industry in the EU after the regulatory framework is rolled out. Last week you could read in the crypto news that the MiCa law had overcome the last hurdle: it received the green light from all 27 European finance ministers.
Gemini wants to avoid SEC lawsuit
Amid a spate of SEC crackdowns, several crypto companies have been targeted. Kraken joins the ranks of other big boys like Kraken and Coinbase, as it was sued in January for selling unregistered securities related to the now-terminated Earn program.
Yesterday you could read that Gemini is currently trying to prevent the lawsuit against the SEC from continuing. According to the exchange, the Earn service does not represent sales of unregistered securities.