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Gemini, one of the largest cryptocurrency exchanges, has become Ireland’s first registered virtual asset service provider (VASP). The exchange, owned by Cameron Winklevoss and Tyler Winklevoss, has received approval from the Central Bank of Ireland to offer cryptocurrency trading services.
Gemini registers as a VASP in Ireland
Gemini published a blog post on July 19, saying that the Central Bank of Ireland had given it the green light to operate as a VASP. With this registration, Gemini becomes the first exchange in Ireland to obtain this license.
The Central Bank of Ireland requires that every company offering crypto services be registered as VASP. These companies should also comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) guidelines.
The head of Ireland and Europe at Gemini, Gillian Lynch, commented on the development saying that obtaining this registration was a big milestone for the company and would support its expansion into Europe. Moreover, obtaining this licensing will boost investor confidence in the exchange, allowing it to continue operating as a secure and transparent crypto service provider.
Lynch noted that regulations were important in boosting investor protection. Moreover, they provided a safe platform for investors to interact with digital assets. Gemini’s headquarters in Europe are based in Dublin, with Lynch adding that the region had a high interest in crypto services.
In Ireland, the level of crypto adoption has increased significantly over the past year. 18% of people in the country already have exposure to crypto offerings. Gemini supports more than 100 cryptocurrencies, and its expansion into the country is expected to increase the number of crypto investors in Ireland.
Europe as a growing crypto hub
Gemini is among the many cryptocurrency exchanges that are moving into Europe. Despite the ongoing crypto winter, expansion plans have not been inhibited, and several exchanges have secured new licenses to expand to new locations.
Two of the largest cryptocurrency exchanges, Binance and Coinbase, have obtained licenses in several European countries such as France, Italy, Germany, and Spain. The growing interest in the region has grown as the EU agrees on the new Regulation of Markets in Crypto Assets (MiCA).
In the recent report, Gemini said that one of the main concerns among European investors is the regulatory uncertainty around crypto offerings. However, the lack of a solid regulatory framework has not hindered the adoption of digital assets.
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