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The crypto exchange founded by the Winklevoss twins is now registered as a Virtual Asset Service Provider in Ireland.
Gemini has received approval by the Central Bank of Ireland to provide crypto services to individuals and institutions in the Irish market.
The cryptocurrency exchange said it has received the first Virtual Asset Service Provider (VASP) registration in the country, following a “thorough review” of its security and compliance programmes.
The VASP registration was introduced in Ireland last year. It requires the Central Bank to reviews firms to ensure they have appropriate procedures around anti-money laundering and countering the financing of terrorism.
Gemini was founded in 2014 in the US by Cameron and Tyler Winklevoss – the twins who claimed Facebook founder Mark Zuckerberg stole their idea for a social network platform and who went on to become cryptocurrency investors.
Its platform allows customers to buy, sell and store cryptocurrencies. It secured an electronic money license from the Central Bank earlier this year, the first to be granted such a licence in Ireland since 2020.
Gillian Lynch, Gemini’s head of Ireland and Europe, said receiving VASP registration is a “huge step” for the company in offering its cryptocurrency services in Ireland.
“We believe that regulation is vital to protect investors and offer a safe experience with digital assets.” Lynch added. “Dublin is Gemini’s European headquarters and we are seeing huge interest in crypto here. This registration helps customers have confidence in Gemini as a secure and transparent provider.”
In April, a report from Gemini deemed Ireland as the most ‘crypto curious’ country surveyed, with 58pc of respondents indicating some interest in cryptocurrency.
The survey also found that 18pc of Irish respondents currently own or have previously owned cryptocurrency.
Crypto regulation
However, Gemini’s report also cited concerns around cryptocurrencies, particularly when it comes to regulation. More than a third (36pc) of European respondents who did not own cryptocurrency said there is legal uncertainty around it.
The EU is looking to become a standard setter in crypto regulation and at the end of June provisionally agreed on new anti-money laundering rules to put an end to “the Wild West of unregulated crypto”.
The crypto space has also faced a general downturn in recent months, with both bitcoin and Ethereum recently hitting their lowest values in more than a year.
The US Treasury published a framework for international crypto regulation earlier this month, which outlines how the US could work with foreign regulators to address the crypto sector.
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