Digital asset exchange Gemini has received an electronic money license from the Central Bank of Ireland. Notably, it’s the eighteenth organization to receive the license, and the 1st since the month of October 2020. With the latest development, Gemini joined such license holders as Stripe, Coinbase, Square and Meta.
The e-money license, for which the exchange applied in early 2020 and received on 14th March, will permit it to issue electronic money, provide electronic payment services and handle electronic payments for 3rd parties. It will also enable the exchange to passport those services to European Economic Area countries, which are European Union members, Iceland, Liechtenstein and Norway. Gemini already provides exchange services in those nations.
Gemini also provides cryptocurrency exchange and e-money services in the UK, thanks to its authorization by UKs Financial Conduct Authority.
There is increasing consciousness in the nation of the requirement for digital asset regulation. The Oireachtas Finance Committee agreed to consider regulation in the month of February when it requested briefing documents from the Central Bank and the Revenue Commissioners tax authority.
Earlier in February, the exchange joined the likes of Coinbase and Block as part of the Crypto Council for Innovation. At the time, Gemini mentioned that it had spent 120k USD on lobbying activities within the United States in the 2nd half of 2021.
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