Crypto exchange Gemini has found a new European headquarters as US regulators remain hostile to the digital asset industry.
On Thursday, Cameron Winklevoss, who co-founded the exchange with his twin brother Tyler, announced his company would set up a regional headquarters in Ireland.
“Great meeting this morning with Leo Varadkar, the Prime Minister of Ireland. We talked about the deep promise of crypto and the importance of common sense regulation to deliver on that promise. We believe that MiCA is that common sense regulation. We also announced that Gemini has made Ireland its European headquarters. Forward!”
MiCA stands for Markets in Crypto Assets Regulation, a piece of legislation in the European Union that will provide rules for oversight, consumer protection and environmental safeguards of crypto assets. The law also contains measures against other financial crimes, including market manipulation, money laundering and terrorist financing.
The European Union passed MiCA earlier this month and the legislation will come into force next year.
Varadkar, the Irish Prime Minister, notes that Gemini is the first company to be registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland.
“This is important for Ireland as the government focuses on innovation as a driver of growth. I wish Gemini the best of luck as they build their team in Ireland.
Gemini’s decision to locate in Ireland highlights our competitive offering to the international financial services industry. We are proud of how it has grown from 60 employees in Dublin 30 years ago to around 56,000 people across the country working in finance today.”
Gemini is expanding beyond the US as rival crypto exchanges are more closely monitored by the US Securities and Exchange Commission (SEC) and the Commodities Future Trading Commission (CFTC).
In March, the CFTC accused Binance and its CEO Changpeng Zhao (CZ) of a long list of alleged regulatory violations.
That same month, the SEC sent a Wells Notice to Coinbase, stating that the regulator had made a “preliminary decision” to recommend filing an enforcement action against the crypto exchange for allegedly violating securities laws.
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