Gemini Granted Electronic Money License by Ireland’s Central Bank

The crypto exchange and custodian Gemini has secured an e-money licence from the Central Bank of Ireland. It is the first fintech to become authorised for such a licence in the Republic since October 2020. Other well-known companies to receive such authorisation include Stripe, Facebook and Google.

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An Irish licence allows Gemini to issue electronic money which it currently does in the UK via its Financial Conduct Authority (FCA) authorisation.

Gemini applied for its licence locally in early 2020, partly due to the impact of Brexit. The company established an office in Dublin last year, hiring Gillian Lynch, former chief strategy officer at Leveris, to head up its operations here.

Peter Oakes, a former Central Bank enforcement director and founder of Fintech Ireland, said he expects Gemini will complement its new fintech licence with an Irish crypto asset registration to replicate its UK and international services.

"Gemini doesn't provide services in Ireland yet but residents in other member states can open accounts. The combination of an e-money authorisation and a virtual asset services provider registration should provide Irish consumers and corporates a fuller range of Gemini's digital assets and non-fungible tokens service such as buying and selling, interest on accounts, payments, credit cards and e-wallets,"said Mr Oakes.

"While there remains challenges about the perception of Ireland being an effective home for regulated digital assets, the arrival of Gemini as well as the existing Irish business of Coinbase help set the groundwork, and attraction, for other international and hopefully indigenous fintechs to follow bolstering employment in cutting edge technology and innovation,"added Mr Oakes.

Source: The Irish Times