Cameron Winklevoss predicts a “Cambrian explosion” in European innovation adhering to the implementation of new regulations.
In the midst of an environment in which cryptocurrency companies are looking to expand their activities beyond the borders of the United States, Crypto exchange Gemini has chosen Dublin as an ideal spot for the headquarters of its European operations.
Cameron and Tyler Winklevoss, who founded Gemini in 2014, announced on May 25 that they had chosen Ireland as their headquarters they would use to expand the company’s services throughout Europe.
The twins highlighted Ireland’s strong regulatory framework, extensive talent pool, and well-established technology community as reasons for choosing the Emerald Isle when they met with Prime Minister Leo Varadkar.
Congratulations @Gemini -the first firm registered by the Central Bank of Ireland as a Virtual Asset Service Provider. This is significant for Ireland as the Government focuses on innovation as a driver of growth. I wish Gemini every success as they build their team in Ireland. pic.twitter.com/Y3WULIqwNc
— Leo Varadkar (@LeoVaradkar) May 25, 2023
A study of Irish citizens conducted in August 2022 revealed that 10% of them owned cryptocurrency. However, it was lesser than the 12% recorded during the bull market of 2021. Additionally, in January, the head of the Irish central bank called for a ban on cryptocurrency advertising.
This hasn’t stopped numerous blockchain and fintech startups, as well as cryptocurrency exchanges Binance and Kraken, from opening up shop there.
According to Varadkar, “This is significant for Ireland as the government focuses on innovation as a driver of growth.” According to Cameron Winklevoss, “Ireland is our entry point into the EU.”
“We considered the entire EU as a potential entry point, but Ireland stood out for its reputation as a regulator, the CBI, as well as for the talent and ecosystem in the technology sector. Therefore, it was an obvious natural fit for us.
The Central Bank of Ireland granted Gemini a virtual asset service provider license in July 2022. Gemini already has a Dublin office with 12 employees.
Following the official implementation of the new Markets in Crypto-Assets law (MiCA) by the EU on May 16, the company intends to increase its workforce.
Read more: EU Finance Ministers Accept MiCA Crypto Regulations
Following the implementation of the legislative framework, the twins expected a significant increase in the cryptocurrency market. As a result of MiCA, Cameron Winklevoss anticipated that innovation would experience a Cambrian explosion in Europe.
Gemini has made international moves before. The company announced plans to create an engineering base in India in April in order to tap into the country’s growing talent pool for technology.
The step is being taken as regulatory pressure grows in the United States, leading some industry observers to refer to this as a “war on crypto.”
In January, the Securities and Exchange Commission initiated an investigation against Gemini, accusing the company of engaging in unregistered sales of securities. Regarding the situation in the U.S., Cameron said, “It’s definitely challenging, and there’s a lack of consistency.”
Under the name Gemini Trust Company, LLC, the company still has offices in New York.