Gemini Payments Granted Digital Money License in Ireland

Gemini Payments is the latest company to be granted a license to issue digital money in Ireland, The Irish Times reported Tuesday (March 22).

The affiliate of the New York-based crypto exchange Gemini Trust Co. was founded by billionaire investor twins Cameron and Tyler Winklevoss. The digital money approval was issued by the Central Bank of Ireland on March 14.

That brings the total number of financial institutions in Ireland with crypto licenses to 18. Major companies include Google, Stripe and Facebook.

In 2020, Gemini applied for the license. Last year, the company opened a Dublin office.

“Gemini doesn’t provide services in Ireland [yet], but residents in other member states can open accounts,” Peter Oakes, founder of Fintech Ireland, told the news outlet. “An interesting play for Gemini in Ireland could be institutional wealth management and custody.”

Many U.S. banks operating in Ireland are interested in digital assets, Oakes said. They tend to segregate their trading and investment activities from the specialized but lucrative pricing and custodial responsibilities of digital assets, he added.

In January, Gemini was one of three crypto firms being scrutinized by the Securities and Exchange Commission (SEC).

Read also: Crypto Lenders Gemini, Voyager and Celsius Network Under SEC Microscope

The inquiry centered around companies paying interest on virtual token deposits. The review focused on whether the companies’ offerings will have to be registered as securities.

The firms, which also include Celsius Network and Voyager Digital Ltd., can pay customers higher rates than many bank savings accounts because they lend their digital coins to other investors, which is a practice the SEC said raises concerns about investor protection.

At the time, a Gemini spokeswoman said they were cooperating voluntarily with the inquiry.