Gemini gets Irish e-money licence

Thursday 24 March 2022 14:29 CET | News

US-based Gemini, a cryptocurrency exchange, has received a new e-money licence from the Central Bank of Ireland, the country’s financial services regulator.

Alongside existing licenses in the UK, Gemini will now process payments and issue e-money wallets via the Irish licence, for its ongoing activities in 26 countries across Europe. This also extends to money remittance and execution of payment transactions via telecoms, the ability to clear euro payments directly without the involvement of commercial banks, and the issue of IBAN accounts to its clients.

The crypto exchange first applied for the license earlier in 2020, following the footsteps of fintechs such as Coinbase, Stripe, Square and Meta. This exposes its business to jurisdictions when it comes to regulatory oversight.

Setting up in Ireland will also provide access to the country’s finance and technology talent pools for Gemini, though the country is not as lax as some other territories in Europe, such as Gibraltar or Malta. In November 2021, the cryptocurrency platform raised USD 400 million at a USD 7.1 billion valuation.

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Keywords: e-money, digital wallet, e-wallet, cryptocurrency exchange, banking license
Categories: DeFi & Crypto & Web3
Countries: Ireland
This article is part of category

DeFi & Crypto & Web3