Gemini receives virtual asset service provider license in Ireland

Must read

Strategies For Mastering The Art Of Getting Started

By Diana Goodwin, founder of MarketBox, a platform for service businesses looking to simplify scheduling, bookings & payments. ...

Lead Generation: How To Create And Execute A Successful Strategy

By Samuel Thimothy, VP at OneIMS.com, an inbound marketing agency, and co-founder of Clickx.io, the digital marketing intelligence platform. ...

Finding The Use Case: Techstars London Teams Up With Polygon To Launch A Web3 Accelerator

Saalim Chowdhury, Managing Director of Techstars London on why the new accelerator...

Microcoaching: The Next Generation Of Personal Development

As the modern workplace evolves, its associated practices must too. An office used to mean a fixed location, now it’s anywhere with an internet...

New York-based crypto exchange Gemini opened its local office in Dublin, Ireland, last year. Now, it is granted with a VASP license.

Gemini receives virtual asset service provider license in Ireland

New York-based crypto trading platform Gemini claims to be the first one to get registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland (CBI). Earlier, in February 2022, a company received an Electronic Money Institution (EMI) authorization from the CBI

The news was reported on Gemini’s official blog on Tuesday. As Gillian Lynch, head of Ireland and EU in Gemini, commented on the release:

“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.”

Individuals and institutions in Ireland now can access Gemini’s exchange and custody services to buy, sell, and store over 100 cryptocurrencies along with the euro and British pound. 

Related: Ireland bans political crypto donations on foreign interference fears

The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish law in April 2021, making it illegal to operate in the country without the registration from the CBI and carrying out due diligence on clients — including identification, accounting for the origin and destination of their crypto assets, and reporting suspicious financial activity.

The e-money license, for which Gemini applied in early 2020 and received in March 2022, has been allowing it to issue electronic money, provide electronic payment services and handle electronic payments for third parties, but to operate as an exchange.

Gemini opened its Dublin office in early 2021 and hired Gillian Lynch, a former executive at the Irish banking platform Leveris and Bank of Ireland, as head of Ireland and Europe. Kraken and Ripple have also selected the country as their European base, and Binance opened three subsidiaries in Ireland in September.

More articles

Latest article

Strategies For Mastering The Art Of Getting Started

By Diana Goodwin, founder of MarketBox, a platform for service businesses looking to simplify scheduling, bookings & payments. ...

Lead Generation: How To Create And Execute A Successful Strategy

By Samuel Thimothy, VP at OneIMS.com, an inbound marketing agency, and co-founder of Clickx.io, the digital marketing intelligence platform. ...

Finding The Use Case: Techstars London Teams Up With Polygon To Launch A Web3 Accelerator

Saalim Chowdhury, Managing Director of Techstars London on why the new accelerator...

Microcoaching: The Next Generation Of Personal Development

As the modern workplace evolves, its associated practices must too. An office used to mean a fixed location, now it’s anywhere with an internet...

7 TED Talks To Change How We Look At Ourselves

Microphone on stage against a background of auditorium getty...