New York-based crypto trading platform Gemini claims that it was the first one to be registered by the Central Bank of Ireland as a Virtual Asset Service Provider (VASP). Earlier in February 2022, a company received an electronic money institution (EMI) authorization from the CBI.
The news was reported on Gemini’s official blog on Tuesday. Gillian Lynch, head, Ireland and the European Union for Gemini commented on the release.
“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.”
Individuals and institutions in Ireland now can access Gemini’s exchange and custody services to buy, sell and store over 100 cryptocurrencies along with the euro and Great British pound.
Related: Ireland bans crypto-political donations due to foreign interference fears
The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish law in April 2021, making it illegal to operate in the country without the registration from the CBI and carrying out due diligence on clients — including identification, accounting for the origin and destination of their crypto assets and reporting suspicious financial activity.
Gemini applied for the e-money licence in early 2020. It was granted in March 2022. This license allows Gemini to issue electronic money and provide electronic payment services. However, it doesn’t allow entities to operate as an exchange.
Gemini opened a Dublin office in the beginning of 2021 and hired Gillian Lynch as its head of Ireland and EU. Lynch is a former executive with Leveris and Bank of Ireland. Kraken, Ripple and Binance have chosen Ireland to be their European base. Binance opened three Irish subsidiaries in September.