Gemini Receives Registration Approval as Virtual Asset Service Provider in Ireland

UTC by Ibukun Ogundare · 3 min read
Gemini Receives Registration Approval as Virtual Asset Service Provider in Ireland
Photo: Unsplash

Now, customers in Ireland can begin to open accounts with Gemini via its website and mobile application.

Crypto exchange and custodian Gemini Trust Company has obtained approval for registration as a Virtual Asset Service Provider (VASP) in Ireland. As a result of the green light from the Central Bank of Ireland, the crypto company has spread its wings to operate in the new destination. It then began offering crypto exchange and custodian services to institutions and individuals.

Ireland introduced VASP registration in 2021. This subject firms to a thorough review by the Central Bank to ensure they take proper steps concerning anti-money laundering and related financial crimes. When Gemini received its approval, the crypto exchange and custodian referred to itself as the first recipient of VASP registration in Ireland.

Gemini Expands Into Ireland

Now, customers in Ireland can begin to open accounts with Gemini via its website and mobile application. They can also buy all supported cryptocurrencies through the same channels in euro or pound sterling. Apple Pay, Debit Cards, Google Pay, or SEPA transfer are available for users to make purchases. Also, institutions and cooperation will now find it easier to access “custody, clearing, trade, execution, price discovery, and portfolio construction services, all in one place.”

Head of Ireland and Europe at Gemini, Gillian Lynch, said:

“Gemini is committed to providing consumers and institutions with a secure entry point. We’re excited to be live in Ireland, where there is strong demand among a highly educated and tech literate consumer base for accessible crypto services in euros.

Speaking further, Lynch referred to Ireland’s solid financial services industry. She added that it is popular as a technology hub that paves the way to the broader European fintech market. In addition, the executive hinted at possible expansion in the region.

The expansion into Ireland is indeed a landmark for Gemini, which is a North American exchange. The company mentioned that development is the latest step towards its growth strategy in Europe. It added that it stands on an approach of proactive and possible engagement with regulators and policymakers.

Gemini’s Latest Moves

Lately, Gemini has been making moves to compete with other top exchanges. It recently launched its new staking service called Gemini Staking. The company said the new service would initially allow staking facilities for Polygon’s MATIC. Franck Kengne, Gemini product manager, said the launch emphasizes the company’s “continued commitment to offering a full suite of innovative options” for customers to make their crypto asset work. He stated that Gemini would continue to explore different ways to help its consumers grow their crypto portfolios.

Regardless of its latest additions, the exchange was also a victim of the crypto winter that led to staff layoffs. The Winklevoss twins announced in June that they would let go of 10% of the exchange’s workforce.

Cryptocurrency news, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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