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Gemini crypto exchange, owned by the Winklevoss brothers, has become the first in Ireland to be registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. Also, the crypto exchange secured Electronic Money Institution (EMI) license from the central bank in March.
Gemini Gets Virtual Asset Service Provider License in Ireland
Crypto exchange Gemini in an official blog on July 19 announced being registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. With the registration, the Winklevoss brothers-owned crypto exchange becomes the first in the country to receive the license.
The central bank requires all crypto companies providing digital asset services to register for VASP to ensure compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws.
Gillian Lynch, head of Ireland and Europe at Gemini, the VASP registration marks a huge milestone for the company to expand its cryptocurrency services in Ireland and across Europe. Moreover, the regulations and their compliance help build customers’ confidence in Gemini as a secure and transparent provider.
“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 are seeing huge interest in crypto here.”
The Irish market has the potential for huge crypto adoption with curiosity and demand for crypto rising in the country. In fact, 18% of the people in Ireland currently have exposure to crypto. Crypto investors can buy, sell, and store over 100 cryptos with EUR and GBP with Gemini’s exchange and custody services.
Crypto Exchanges Jumping into Europe Amid Market Meltdown
Interstingly, Crypto exchanges seem to have adopted a strategy to expand their services during the crypto winter. Binance and Coinbase have recently received licenses in many European countries including Italy, Germany, Spain, France, and others. The competition in the region is rising as the EU agrees on the Regulation of Markets in Crypto-assets (MiCA).
Gemini’s recent report cited regulatory uncertainty as the major concern preventing people in Europe to invest in cryptocurrency. However, the crypto interest seems to be rising.
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