Gemini, the digital asset exchange operator owned by the famous Winklevoss twins, has expanded its services to Portugal, Denmark, Sweden, Czechia, Latvia, and Liechtenstein.
Individuals and institutions in these jurisdictions can now open a Gemini account to deposit, trade, and custody over 100 cryptocurrencies.
Gemini users can buy 100 cryptos with EUR and GBP
The firm stated that launching in these six countries represents further progress in Gemini’s continued roll out across Europe, “which is built on a foundation of positive engagement with regulators and policymakers to obtain relevant authorizations and registrations”.
Gemini’s website and mobile app are now available to residents in these countries, who can now access them to buy cryptocurrencies with Euros (EUR) and Pound Sterling (GBP) with a debit card, bank transfer, or using Apple Pay or Google Pay.
Advanced traders can make use of Gemini’s crypto trading interface, ActiveTrader, which delivers a professional-level experience, featuring advanced charting, and multiple order types.
The crypto-native platform is available to financial institutions, fintechs, and corporations, with custody, clearing, trade execution, price discovery, and portfolio management services all in one place.
Portugal, one of the countries included in Gemini’s expansion, has long been seen as a crypto tax haven. It is true that Portugal currently does not tax crypto gains unless they come from professional or business activities.
However, a provision in the country’s proposed 2023 budget suggests that its government has plans to tax gains on crypto holdings held for less than one year at a rate of 28%.
Gemini’s European operation is headquartered in Ireland
Gemini has recently launched in Ireland, where Gemini was the first company to register with the Central Bank of Ireland as a Virtual Asset Service Provider (VASP), and is authorized as an electronic money institution.
Gemini’s Irish office, based in Dublin, is reportedly planning to grow further to become a key regulated hub through which significant aspects of its business across the EU can be conducted. It was opened last year and the exchange hired Gillian Lynch, former chief strategy officer at Leveris, to head up its operations there.
The VASP registration comes on the heels of Gemini’s Electronic Money Institution (EMI) authorisation in February of 2022, also from the Central Bank of Ireland. Alongside existing licenses in the UK, Gemini is able to process payments and issue e-money wallets via the Irish licence, for its ongoing activities in 26 countries across Europe. This also extends to money remittance and execution of payment transactions via telecoms, the ability to clear euro payments directly without the involvement of commercial banks, and the issue of IBAN accounts to its clients.
Gemini was the first company to receive the EMI license since October 2020. The crypto exchange first applied for the license earlier in 2020, following the footsteps of other well-known fintechs such as Coinbase, Stripe, Square and Meta. This further exposes its business to respectable jurisdictions when it comes to regulatory oversight.
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