Last Updated on July 22, 2022 by Bitfinsider

Gemini, a cryptocurrency exchange, has received regulatory permission from the Central Bank of Ireland. Now, Gemini may offer cryptocurrency services in Ireland. The exchange’s headquarters were created there in 2021, and it is located in Ireland (Dublin).

This license was given to the exchange following a careful examination of the security and compliance programs. Furthermore, Gemini is the first cryptocurrency exchange to ever receive approval as a VASP (Virtual Asset Service Provider) in Ireland.

In the nation, the VASP registration was first made available last year. To get the VASP registration, a crypto exchange must pass the Central Bank’s evaluation of the company in a way that assures effective anti-money laundering and counter-terrorist financing protocols are in place.

The head of Ireland and the EU, Gillian Lynch, stated that: “We are excited to offer our products and services to individuals and institutions in Ireland and countries in Europe.”

Recent Developments on Gemini

Gemini’s license news was published shortly after the cryptocurrency exchange disclosed a recent reduction in its current personnel. Due to the recent crypto collapse, Gemini announced two months ago that it will be decreasing its employees by 10%.

To that end, Lynch stated the following: “Gemini was founded on the ethos of asking for permission, not forgiveness. Since day one, Gemini has engaged with regulators around the world to help shape thoughtful regulation that both protects consumers and fosters innovation.”

Additionally, Gemini was granted an electronic money institution (EMI) authorization by the Central Bank of Ireland earlier this year. Receiving the VASP registration is a big milestone for Gemini because it means the company may now offer cryptocurrency services in the nation.

Lynch further added: “We believe that regulation is vital to protect investors and offer a safe experience with digital assets. Dublin is Gemini’s European headquarters and we are seeing huge interest in crypto here. This registration helps customers have confidence in Gemini as a secure and transparent provider.”

On the Gemini platform, people and organizations can store more than 100 cryptocurrencies

With this registration, Irish people and institutions will be able to use the exchange’s custody services to buy, sell, and store more than 100 different cryptocurrencies in addition to the Euro and British pound.

The Fifth Anti-Money Laundering Directive, sometimes known as 5AMLD, was incorporated into Irish law in April of last year. Due to this, operating exchanges in the nation without Central Bank of Ireland registration was prohibited.

Along with this, the exchange must make sure that clients are correctly identified and that the origin and destination of cryptocurrency assets are tracked. Last but not least, the exchange platform is required by law to disclose any suspicious financial activities.

The exchange acquired the e-money license that Gemini had requested in the year 2020 two years later. Gemini is now able to both create electronic money and offer electronic payment services.

Despite not allowing companies to operate and offer services as an exchange, it must be allowed to handle electronic payments for third parties.

In addition to Gemini, others such as Kraken, Ripple, and Binance all established several subsidiaries in Ireland last year. Kraken, Ripple, and Binance have all picked Ireland as their European base.

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