New-York based crypto trading platform has secured a Virtual Assets Service Provider (VASP) license from the Republic of Ireland. This means that the company now can offer cryptocurrency products and services to the Irish cryptocurrency ecosystem.
This news was announced on Gemini’s official blog on Tuesday, 19 July 2022. This VASP license was issued to Gemini by the Central Bank of Ireland (CBI) after they reached an agreement to abide by the financial laws governing the Irish financial ecosystem.
Gemini is claiming to be the first company to get the VASP license to operate in Ireland although a company was awarded an Electronic Money Institution (EMI) authority by the Central Bank of Ireland.
Earlier in 2020, Gemini had applied for an e-money license to operate in Ireland. They received it in March 2022 and had been using it to provide electronic payment services and handle electronic payments for third parties.
However, the e-license does not allow companies to operate as an exchange so Gemini’s primary services were largely limited till they secured the VASP license.
The EU’s most recent anti-money laundering directive was incorporated into Irish law making it impossible for cryptocurrency entities to operate in the country without securing the VASP license from the Central Bank of Ireland and carrying out due diligence on clients (which includes identification, records of the origin and destination of crypto assets and reporting any suspicious financial activity).
Gemini conducted a research earlier this year which revealed that Ireland is the country with the most crypto-curious inhabitants in the world. Nearly 60% of the Irish are interested in digital assets while 18% hold some amount of digital assets and collectibles.
Despite the recently announced expansion, Gemini is still reeling from the negative effects of the crypto winter. The company had announced that around 10% of its existing staff will be laid off about a month ago. Reports confirmed that the company laid off more than 60 workers and there are still rumors that the dismissal process is not yet over.
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