Gemini Gets Licensed to Provide its Services in Ireland

Gemini Gets Licensed to Provide its Services in Ireland

It seems that Europe is ready to hop on the crypto wagon as more and more countries give licenses for crypto exchanges. 

Gemini, a New-York based crypto exchange founded in 2014 by Tyler and Cameron Winklevoss, has announced that the company has been registered as a Virtual Asset Service Provider (VASP) in Ireland.

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The news broke, only a few days after Gemini reported cutting off a significant amount of staff due to the ongoing bear market. 

According to the official announcement shared on Gemini’s blog, the company is now registered as VASP by the Central Bank of Ireland, making it the first crypto exchange to gain the license in this country.  

Gemini’s head of Ireland and the European Union, Gillian Lynch comments on this achievement:

Gemini was founded on the ethos of asking for permission, not forgiveness. Since day one, Gemini has engaged with regulators around the world to help shape thoughtful regulation that both protects consumers and fosters innovation.

The company shares its excitement about providing its services to individuals and institutions across Europe, starting from Ireland. It is not a surprise that Gemini is seeking to sail out into the wider waters of Europe, as in 2021 the company opened its headquarters in Dublin, suggesting that it is there to stay. 

In the statement, Lynch adds "As a thriving center of technology and financial innovation, we are excited to keep growing our presence in Ireland to serve its citizens as well as others in Europe."

In the official announcement, Gemini also informs the users that they will be free to invest with both euro and pound sterling in more than 100 cryptos.

Back in March, the company received Ireland’s Electronic Money Institution (EMI) license, which allows the company to provide e-money services.  

In other news, Gemini has recently been dealing with some legal issues. In June, the United States Commodity Futures Trading Commission (CFTC) filed a lawsuit due to misleading statements. 

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree