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Gemini Receives License as a Crypto Service Provider in Ireland


 

New York-based crypto trading platform Gemini now claims to be the first company to receive Virtual Asset Service Provider (VASP) approval from the Central Bank of Ireland. At the beginning of February 2022, the American company had already received a license as an Electronic Money Institution (EMI) from the Central Bank of Ireland (CBI) .


Gemini announced the receipt yesterday Tuesday on the company's own blog . Commenting on the successful application, Gillian Lynch, Director for Ireland and the European Union at Gemini said:


"Gemini's policy from the start was to ask permission rather than beg forgiveness. Since day one, Gemini has therefore worked closely with regulators around the world to shape meaningful regulation that both protects investors and encourages innovation.”

With the official approval as a crypto service provider (VASP), Gemini can now offer services such as custody, purchase and sale of over 100 crypto currencies, euros and British pounds for private and institutional investors from Ireland.


The 5th EU Anti-Money Laundering Directive (AML5) was implemented into Irish law in April 2021 and has since made it illegal to operate as a trading platform in the country without being registered with the CBI and doing basic due diligence. For example, customer data and certain transaction data must be obtained and passed on.


The “e-money license”, which Gemini applied for in early 2020 and received in March 2022, in turn allows the crypto exchange to issue its own digital currencies, process electronic payment services and process electronic payments for third parties. However, business operations as a crypto exchange have not yet been approved, which is why a separate approval had to be obtained for this.


Gemini opened an office in Dublin in early 2021 and brought on board former banker Gillian Lynch, who has held senior positions at the Bank of Ireland. The crypto companies Kraken and Ripple have now also settled in Ireland, and the market-leading crypto exchange recently also opened branches on the island.

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