Gemini First Crypto Exchange to Register in Ireland as a VASP

Additionally, the central bank granted the cryptocurrency exchange an Electronic Money Institution (EMI) license in March.

Last updated Oct 17, 2022

The Winklevoss brothers’ Gemini cryptocurrency exchange is the first in Ireland to be registered by the Central Bank of Ireland as a Virtual Asset Service Provider (VASP).

Additionally, the central bank granted the cryptocurrency exchange an Electronic Money Institution (EMI) license in March.

Gemini Obtains an Irish License as a Virtual Asset Service Provider

Gemini First to Obtains an Irish License as a Virtual Asset Service Provider

On July 19, the cryptocurrency exchange Gemini announced that the Central Bank of Ireland had registered it as a Virtual Asset Service Provider (VASP).

The Winklevoss brothers’ cryptocurrency exchange now holds the nation’s first license after registering.

In order to ensure compliance with AML/CFT laws, the central bank mandates that all cryptocurrency businesses offering services related to digital assets register for VASP.

The VASP registration is a significant step for the company’s expansion of its cryptocurrency services in Ireland and throughout Europe, according to Gillian Lynch, head of Ireland and Europe at Gemini.

Moreover, customers’ confidence in Gemini as a trustworthy and open provider is increased by the regulations and the compliance with them.

“We think that regulation is essential to safeguard investors and provide a secure environment for dealing in digital assets. Gemini’s European headquarters are in Dublin, and there is a lot of interest in cryptocurrencies there.”

Given the country’s growing interest in and demand for cryptocurrencies, the Irish market has the potential for significant crypto adoption.

In Ireland, 18% of the population is currently exposed to cryptocurrencies. With Gemini’s exchange and custody services, cryptocurrency investors can purchase, sell, and store more than 100 different cryptocurrencies using EUR and GBP.

European Crypto Exchanges Expanding Despite Market Crisis

Surprisingly, crypto exchanges appear to have developed a plan to increase the scope of their offerings during the crypto winter.

Recently, Binance and Coinbase were granted licenses in numerous European nations, including Germany, Italy, Spain, France, and others. As the EU agrees to regulate markets for crypto assets, competition in the region is increasing (MiCA).

In a recent report, Gemini identified regulatory uncertainty as the main deterrent to crypto investment in Europe. But interest in cryptocurrencies appears to be growing.