Cryptocurrency exchange Gemini, founded by the Winklevoss brothers, may move its European headquarters out of Ireland after the government introduces new EU regulations for the crypto industry, according to recent reports. I warned you.
Gemini announced Dublin as its European base in May 2023, but said Treasury rules to comply with the EU’s Crypto Asset Markets Regulation (MiCAR) would make Ireland less competitive than other European countries. ing.
The company has already received two licenses from the Central Bank of Ireland, but says the 12-month transition period allowed for new license applications under MiCAR is too short. The company asked for the full 18 months allowed by EU regulations to be completed, taking into account existing qualifications.
Gemini said other EU countries have introduced rules in a more flexible manner that is “desirable” for crypto businesses. The report warned that Ireland could lose its “competitiveness” and the new licensing rules would make Ireland “less attractive as an investment destination”.
The Irish government instituted a 12-month transition period due to consumer protection concerns and because Ireland’s existing virtual currency licenses do not match the EU’s new regulations.
However, Mr Gemini argues that existing dual-license companies do not need to face a shorter transition period as they have already invested significant time and money in Ireland.
The standoff has raised concerns that one of Europe’s leading crypto companies could pull out of Ireland if its demands are not met.
Also read: Gemini seeks senior backend engineer for crypto core team