Ireland Authorizes Gemini As Crypto Service Provider

Crypto exchange Gemini has been officially authorized as a virtual asset service provider in Ireland. 

First VASP Registered Exchange

The Central Bank of Ireland has recently approved the Virtual Asset Service Provider (VASP) license for cryptocurrency exchange Gemini, making it the first crypto firm to be VASP registered. The New York-based crypto exchange opened its Ireland office in Dublin last year and has already secured the Electronic Money Institution (EMI) license in February 2022 also from the Central Bank of Ireland. This made it the first fintech company to secure an e-money license in the Republic of Ireland since October 2020. 

The team announced the successful registration with a press release on its official website, where Gillian Lynch, Gemini’s Head of Ireland and EU, said, 

“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…As a thriving center of technology and financial innovation, we are excited to keep growing our presence in Ireland to serve its citizens as well as others in Europe.”

E-Money License Vs. VASP

The VASP registration will allow Gemini to offer its products and services to individuals and institutions based in Ireland and other European countries. Investors can buy, sell, and store over 100 different cryptocurrencies through their funds in Euros and Pounds. In Ireland, it is illegal to operate a crypto exchange without the VASP registration due to the EU’s Fifth Anti-Money Laundering Directive (5AMLD). The e-money license does open up some doors, like allowing firms to issue electronic money, provide electronic payment services, and handle third-party electronic payments. However, it is not sufficient if an entity wishes to operate as an exchange. As the first firm to receive the VASP registration, Gemini can now fully function as a crypto exchange. 

Lynch noted, 

“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. This registration helps customers have confidence in .”

Expansion Despite Layoffs

Despite its efforts to break and expand into the European market, Gemini has reportedly been on a spree of layoffs. The company cut around 10% of its workforce in the first round of these layoffs. The second round of layoffs followed soon, where 68 more people were let go. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.