Gemini Becomes The First Exchange To Be Approved As VASP In Ireland
- The Central Bank of Ireland has approved Gemini, making it the first company to become a Virtual Asset Service Provider (VASP) in the country
- Ireland introduced and mandated CASP registration for crypto companies last year, requiring them to comply with the anti-money laundering (AML) regulations
The New York-based crypto exchange platform Gemini has recently received regulatory approval from the Central Bank of Ireland to operate as a digital asset service provider in the local crypto market.
According to the official announcement, the granted approval by the Central Bank of Ireland makes the company the first to be registered as a Virtual Asset Service Provider (VASP) on the island.
Notably, Ireland introduced and mandated CASP registration for crypto companies last year, requiring them to comply with the anti-money laundering (AML) regulations and fight against terrorist financing activities.
Gemini’s head of Ireland and Europe, Gillian Lynch, said given the strict domestic regulatory requirements, this was a “huge step” for the company.
“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 see huge interest in crypto here. This registration helps customers have confidence in Gemini as a secure and transparent provider.”
Lynch added.
The trading platform led by billionaire twin brothers Cameron and Tyler Winklevoss keeps solidifying its presence in the crypto industry by expanding to multiple countries.
Gemini established its EU presence in 2021 by establishing its regional headquarters in Ireland. So far, Gemini has erred on the side of caution when dealing with regulators. The current VASP license, according to the exchange, is proof of its business strategy to seek regulatory permission instead of seeking forgiveness later.
Notably, on December 6 last year, Gemini joined forces with Colombia’s biggest bank, Bancolombia, to enable the trading of several cryptocurrencies for the bank’s customers. This was a huge step in the right direction for the exchange, even as it continues to look to reach far into Latin America.
Despite the latest developments and expansions, the exchange had to deal with the market collapse and investor outflow. Notably, a month ago, it announced the layoff of 10% of its staff, and subsequent reports revealed that 60 more employees had been dismissed.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
