Gemini is the first VASP to receive official recognition in the ireland
Central Bank has given Gemini permission to act as a Virtual Asset Service
Provider (VASP). It has registered as the first VASP in the nation to provide crypto services to individuals and
institutions in the Irish market.
In addition, a license to act as an electronic money institution has also been granted to the exchange. Therefore user will have easy access to nearly more than around 100 of cryptocurrencies and after they will be able to invest in cryptocurrency using both the euro and British Pound.
With the announcement that the Central Bank of Ireland has given its approval, Gemini has advanced in its efforts to establish a presence in Ireland. As a result, Gemini is the first cryptocurrency exchange to be authorised in Ireland as a provider of virtual assets following a “thorough review” of its security and compliance programmes.
Ireland implemented the VASP registration last year. It calls on the Central Bank to inspect businesses to make sure they follow the right anti-money laundering and counter-terror funding protocols. Receiving VASP registration is a "major step" for the business in selling its bitcoin services in Ireland, according to Gillian Lynch, head of Gemini's Ireland and Europe operations. It is important for exchanges to comply with regulations and win over authorities in order to remain in operation. Regulating digital assets is essential for safeguarding investors and providing a secure environment for transactions Lynch continued.
With 58 per cent of respondents exhibiting some curiosity about cryptocurrencies, Ireland was named the most "crypto inquisitive" country in a Gemini analysis published in April. Additionally, the poll revealed that 18% of Irish respondents either presently possess or have owned bitcoin.
The other significant centralised exchanges like Binance and Coinbase have been eager to cooperate with regulators.
About Gemini :
Cameron and Tyler Winklevoss, the twin's cryptocurrency investors started Gemini in the US in 2014. In 2021, Gemini launched its first EU headquarters in Dublin, signalling the company's strong desire to develop. Gemini crypto exchange is in competition with other exchanges for a piece of the lucrative European market. The United States Commodity Futures Trading Commission has also filed a lawsuit against it for making "false and deceptive claims." Regarding its bitcoin futures products, a lawsuit was filed. Customers can purchase, sell, and store bitcoins on its platform. The Central Bank gave it an electronic money licence earlier this year, making it the first company in Ireland to have such a licence since 2020.
CBW - External Analyst