Gemini Relocates from Dublin to Malta, Shaking Ireland’s Crypto Image

Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, is shifting its European headquarters from Dublin to Malta. The company says it chose Malta because officials there are “proactive” about regulating fintech and digital assets, a stance Gemini feels is stronger than what Ireland currently offers.

The move comes less than two years after Gemini picked Ireland for its EU headquarters, citing a positive regulatory environment at the time. Now, however, the company believes Irish authorities are lagging in implementing the EU’s new Markets in Crypto Assets (MiCA) framework. Despite the shakeup, Gemini stresses that it will keep an Irish office and maintain its e-money license there.

Irish crypto industry representatives call the development “deeply concerning,” saying it might discourage other digital asset businesses from choosing Ireland as a base. They note that the Central Bank of Ireland has been slow to update its approach on crypto oversight, and Governor Gabriel Makhlouf has previously compared cryptocurrencies to “Ponzi schemes.”

Malta has positioned itself as a crypto-friendly hub by quickly adopting rules that align with MiCA. It has courted digital asset firms since 2018, offering early clarity on regulatory requirements. Gemini, which holds both e-money and virtual asset service provider authorizations, says it now sees Malta as the best launchpad for its continued growth in Europe.

Industry insiders are watching to see if Gemini’s decision prompts other crypto companies to follow suit. Observers say that Ireland’s central bank is only now recruiting experts to shape a clearer crypto regulatory framework, which may come too late for firms already eyeing countries like Malta.

For now, Gemini’s main European base will shift south, marking an unexpected turn for Ireland’s ambition to become a top crypto destination.

Source – Irish Independent