United States-based Gemini Trust Co. has picked Ireland for its European headquarters. The Winklevoss-owned crypto exchange has announced that it will oversee its European operations out of Dublin. The news comes amid an industry-wide push among American crypto exchanges to increase their global footprint in light of intensifying regulatory crackdown in the United States.
Gemini Encouraged By Dublin’s Thriving Start-up Culture
According to a report by Bloomberg, Gemini cited Dublin’s thriving start-up culture as one of the reasons for picking it as its European base of operations. The Irish capital’s pool of talent was another factor that prompted the Winklevoss-owned exchange to establish its European headquarters there. The Markets in Crypto Assets (MiCA) regulations approved by the European Union last month are a big motivating factor behind several crypto entities in the U.S. considering a shift across the Atlantic.
Irish Prime Minister Leo Varadkar took to Twitter earlier today to congratulate on its latest decision and welcome the crypto exchange to Ireland. PM Varadkar added that the exchange’s decision to set up its headquarters in Dublin was a significant indicator of the government’s dedication to innovation. In July last year, the crypto exchange became the first company to be registered as a virtual asset service provider by the Central Bank of Ireland.
Gemini’s decision to locate in Ireland highlights our competitive offering for the international financial services sector. I wish Gemini every success as they build their team in Ireland.”Leo Varadkar, Prime Minister of Ireland
Gemini’s decision to set up its European headquarters in Dublin comes less than a month after it launched an offshore crypto derivatives trading platform as part of a global push. Paris has emerged as the more popular destination for crypto entities looking to establish their European headquarters. Crypto exchanges, including Binance, OKX, and Crypto.com, have based their European operations in Paris, France.