The Central Bank of Ireland granted regulatory approval to the cryptocurrency exchange Gemini to offer digital asset services in the local market. Moreover, the company became the first to be registered as a Virtual Asset Service Provider (VASP) in the country.
The trading venue run by billionaire twins Cameron and Tyler Winklevoss keeps expanding its multinational presence. In a recent tweet, it disclosed that the latest destination where it obtained a green light to operate as a Virtual Asset Service Provider is Ireland.
We are thrilled to announce that Gemini is the first company to be registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland.
— Gemini (@Gemini) July 19, 2022
It is worth noting that the VASP registration in Ireland was introduced last year, requiring firms to abide by anti-money laundering laws and counter the financing of terrorism.
Gillian Lynch – Gemini’s Head of Ireland and Europe – said that settling in the nation is a “huge step” considering the company’s ambitions and the strict domestic requirements.
“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 Gemini as a secure and transparent provider,” she added.
A research conducted by Gemini earlier this year determined that Ireland is the most crypto-curious country across the globe. Nearly 60% of the Irish find digital assets interesting, while 18% are HODLers.
Despite the latest expansion, the exchange had to cope with some significant issues caused by the market’s decline and the outflow of investors. A month ago, it said that around 10% of the existing staff will be laid off, while following reports disclosed that the company dismissed 60 more workers.