Gemini can offer crypto service in Ireland now, receives first license
The Central Bank of Ireland has granted regulatory approval to Gemini, a cryptocurrency exchange. Gemini will now be able to expand crypto services in Ireland. The exchange is located in Ireland (Dublin), it established its headquarters there in the year 2021.
After a thorough review of the security and compliance programs, this license was granted to the exchange. In addition, Gemini is the first ever cryptocurrency exchange to receive VASP (Virtual Asset Service Provider) approval in Ireland.
The VASP registration was introduced in the country last year. For a crypto exchange to receive the VASP registration, it requires the central bank to assess firms in such a way as to ensure that there are proper procedures in place to fight money laundering and counter the financing of terrorism.
Gillian Lynch, Head of Ireland and the EU mentioned that,
We are pleased to offer our products and services to individuals and institutions in Ireland and countries in Europe.
Crypto Exchange Gemini’s Latest Development
The news that Gemini received its license came after the crypto exchange announced their recent reduction in their current workforce. Two months ago, Gemini had mentioned that it would reduce its workforce by 10% due to the recent crypto downturn.
As Gillian Lynch commented that,
Gemini was founded on the ethos of asking permission, not forgiveness. Since day one, Gemini has engaged with regulators around the world to help shape thoughtful regulation that both protects consumers and promotes innovation.
Earlier this year, Gemini had also received an electronic money institution (EMI) authorization from the Central Bank of Ireland. For Gemini, receiving the VASP registration is a big step as the company would now offer crypto services in the country.
Lynch further mentioned,
We believe that regulation is essential to protect investors and offer a safe experience with digital assets. Dublin is Gemini’s European headquarters and we see a huge interest in crypto here. This registration helps customers to have confidence in Gemini as a secure and transparent provider.
Related Reading | By the numbers: The $1.2 billion hole in Celsius’ balance sheet
Individuals and institutions can store more than 100 cryptos on the platform
This registration will now allow individuals and institutions in Ireland to access the exchange and its custodian services to buy, sell and also store over 100 cryptos alongside Euros and British Pounds.
The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish law in April last year. This made it illegal for exchanges to operate in the country without receiving registration from the Central Bank of Ireland.
Along with this, the exchange must ensure appropriate identification of clients and accounting for the origin and destination of crypto-assets. Finally, the exchange platform is also legally expected to report any type of suspicious financial activity.
The e-money license that Gemini had applied for in the year 2020 was received by the stock exchange two years later. Now Gemini can issue electronic money and also offer electronic payment services.
It should also be able to handle electronic payments for third parties, although it does not allow devices to function and extend services like a switchboard.
Apart from Gemini, Kraken and Ripple have also chosen Ireland as their European base, in addition, Binance started several subsidiaries in Ireland last year.
Related Reading | Singapore’s central bank tightens crypto regulations, here’s why
Featured image from Time , chart from TradingView.com
