The cryptocurrency exchange Gemini received regulatory authorization from the Central Bank of Ireland to provide digital asset services in the local market. Additionally, the business was the first in the nation to be authorized to operate as a Virtual Asset Service Provider (VASP).
The trading platform operated by billionaire twins Tyler and Cameron Winklevoss continues to grow its global presence. It tweeted that Ireland was the most recent location where it has been given the all-clear to conduct business as a Virtual Asset Service Provider.
It’s important to remember that Ireland implemented the VASP registration last year, which obliges businesses to follow anti-money laundering regulations and prevent the financing of terrorists.
Gemini’s Head of Ireland and Europe, Gillian Lynch, described moving to the country as a “big step” in light of the firm’s goals and stringent regulations. “We believe regulation is vital to protect investors and offer a safe experience with digital assets. Dublin is Gemini’s European headquarters, and we see huge crypto interest here. This registration helps customers have confidence in Gemini as a secure and transparent provider,” she said.
Ireland has the highest level of crypto-curiousness worldwide, according to a Gemini study earlier this year. 18% of Irish people are HODLers, whereas over 60% find digital assets fascinating.
The market collapse and investor exodus were major problems the exchange had to deal with despite the most recent expansion. It announced a month ago that approximately 10% of the current workforce would be let go, and subsequent reports revealed that 60 additional employees had been let go.
