The Irish central bank has granted the electronic money licence to Gemini which is a crypto exchange. According to a report, the licence permits Gemini to issue electronic money in Ireland, as it does in the United Kingdom. Stripe, a payment processor, and Meta, a social networking company, are two companies that already hold such a licence.
Electronic money licence journey of Gemini in Ireland
Due to the repercussions from the 2016 Brexit referendum, Gemini applied for its Irish licence in early 2020. Last year, the business opened an office in Dublin and recruited Gillian Lynch, to lead its Irish operations. As per the reports, the recent licence to Gemini in Ireland is the first licence since October 2020.
The Gemini team’s excitement
According to Gillian Lynch, the acceptance of Gemini as an Electronic Money Institution by the Central Bank of Ireland is a credit to their excellent standards of customer protection and compliance measures. Irish clients are ready to test out new fintech solutions. Ireland is a worldwide centre for financial services and growing technology. Therefore, the company officials are eager to provide their secure and simple-to-use services to individuals and businesses in Ireland and around Europe.