Gemini, a cryptocurrency exchange, has been granted regulatory authorization from the Central Bank of Ireland. Gemini will be able to expand its crypto services to the Irish market. Dublin, Ireland, is home to the exchange, which moved its headquarters there in 2021.
The license was awarded to the market after authorities carefully examined its safety and compliance procedures. Furthermore, Gemini is the first cryptocurrency exchange to have VASP (Virtual Asset Service Provider) approval in Ireland.
They implemented VASP registration in the previous year. The VASP registration is awarded after the Central Bank has conducted a thorough evaluation of the crypto exchange. It guarantees that adequate measures have been taken to prevent money laundering and the financing of terrorism.
They are delighted to bring our products and services to individuals and institutions in Ireland and across Europe, as stated by Gillian Lynch, Head of Ireland and EU.
Latest Gemini Developments
Gemini, a cryptocurrency exchange, recently announced a reduction in current staff, and now comes news that it has received its license. Two months ago, Gemini said that it would be laying off 10% of its staff in light of the current crypto downturn.
Gemini was established on seeking approval rather than forgiveness, as Gillian Lynch put it. From the beginning, Gemini has collaborated with regulatory bodies worldwide to establish consumer protection and innovation-friendly legislation.
Earlier this year, Gemini was also recognized as a legitimate EMI (electronic money institution) by Ireland’s Central Bank. With the VASP registration, Gemini may legally offer cryptocurrency services in the country.
We believe regulation is necessary to protect investors and provide a safe experience with digital assets, Lynch added. Gemini’s European headquarters are located in Dublin, and there is a significant excitement around cryptocurrencies in this city. With this verification, customers may rest assured that Gemini is a reliable and honest service.
Platforms Can Store More Than 100 Cryptos
Now that they’re verified, residents and businesses in Ireland can use the exchange and custody services to buy and trade. They can also hold over a hundred cryptocurrencies, the euro, and the British pound.
As of April last year, the Fifth Anti-Money Laundering Directive (5AMLD) of the European Union was incorporated into Irish legislation. As a result, it became illegal for exchanges to conduct business in Ireland without first registering with the Central Bank of Ireland.
The exchange must also verify its customers’ identities and track where their crypto assets are sent and received. Lastly, the exchange platform must disclose any suspicious financial activity.
Gemini Exchange was awarded permission to operate as an e-money exchange in 2022. It allows Gemini to issue a digital currency and offer services for accepting digital payments.
Though it does not permit companies to act and extend services as an exchange, it shall also be permitted to handle electronic payments on behalf of third parties.
Gemini isn’t the only exchange that calls Ireland home for its European operations. Kraken and Ripple are both headquartered there. Also, Binance set up shop there with several of its subsidiaries late last year.
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