Gemini has emerged as the first crypto exchange in Ireland to register as the Virtual Asset Service Provider. It received a nod from the Central Bank of Ireland for the same. As such, Gemini is the first exchange to be registered as a Virtual Asset Service Provider (VASP) in Ireland.
The exchange first opened its EU headquarters in Dublin in 2021. Gemini sees the European market as lucrative and is competing against several exchanges. It has engaged with regulators around the world to help shape thoughtful regulation that protects and safeguards consumers and fosters innovation.
Gillian Lunch, Gemini’s Head of Ireland and EU, highlighted that Gemini was founded on the ethos of asking for permission, not forgiveness. The platform believes that regulation is vital to protect investors and offer a safe experience with digital assets. The executive said Gemini is delighted that following a thorough review of its security and compliance programmes, the Central Bank gave Gemini the VASP registration.
Users can invest in crypto through Euro and British pound, and have access to over 100 cryptocurrencies. Gemini received the go-ahead to serve as an Electronic Money Institution. The VASP registration comes at a time of uncertainty in the crypto market. Gemini had made it into the headlines when it laid off staff citing crypto winter. It was also sued by the US CFTC for making false and misleading statements for Bitcoin futures products.