New York-based crypto trading platform Gemini claims to be the first one to get registered as a virtual asset service provider (VASP) by the Central Bank of Ireland (CBI). 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. As Gillian Lynch, head of 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.
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.
The e-money license, for which Gemini applied in early 2020 and received in March 2022, has been allowing it to issue electronic money, provide electronic payment services and handle electronic payments for third parties. However, it doesn't allow entities to operate as an exchange.
Gemini opened its Dublin office in early 2021 and hired Gillian Lynch, a former executive at the Irish banking platform Leveris and Bank of Ireland, as head of Ireland and EU. Kraken and Ripple have also selected the country as their European base, and Binance opened three subsidiaries in Ireland in September.