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Gemini obtains license to provide e-money services in Ireland

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Cryptocurrency exchange Gemini has receive an e-money license from the Central Bank of Ireland. It was the 18th organization to receive the license and the first since October 2020. Gemini joined license holders such as Coinbase, Stripe, Square and Meta.

The e-money license, which Gemini applied for in early 2020 and received on March 14, allows it to issue electronic money, offer electronic payment services and process electronic payments for third parties. It will also allow the company to transfer these services to European Economic Area countries that are members of the European Union, Iceland, Liechtenstein and Norway. Gemini already offers exchange services in these countries.

Thanks to being licensed by that country’s Financial Conduct Authority, Gemini also offers exchange and e-money services in the UK.

Awareness of the need for cryptocurrency regulation is growing in the country. The Finance Committee of Oireachtas I Agree was considering regulation in February when it requested information documents from the Central Bank and the Revenue Commissioners’ Tax Service. The central bank does forced European anti-money laundering laws for virtual asset service providers.

Ireland has seen a growing crypto presence over the last year. Gemini opened its Dublin office in early 2021 and hired Gillian Lynch, a former executive at Irish banking platform Leveris and Bank of Ireland, as Head of Ireland and Europe. Octopus and Ripple (XRP) have also chosen the country as their European base, and Binance (BNB) opened three branches September in Ireland.

Back in February, Gemini joined Coinbase and Block as part of the Crypto Council for Innovation. At the time, the exchange said it spent $120,000 on lobbying activities in the United States in the second half of 2021.