Gemini Becomes Ireland’s First Officially Recognized Virtual Asset Service Provider.

The Irish Central Bank has given Gemini permission to act as a Virtual Asset Service Provider. It has registered as a VASP as the first cryptocurrency exchange in the nation.

With the announcement that the Central Bank of Ireland has given its permission, Gemini has advanced in its efforts to establish a foothold in Ireland. As a result, Gemini is the first exchange to be authorized in Ireland as a provider of virtual assets.

In 2021, Gemini launched its first EU headquarters in Dublin, signaling the company’s strong desire to develop. Gemini is in a competitive environment with other exchanges for a piece of the lucrative European market.

In the blog post, Gemini’s Head of Ireland and the EU, Gillian Lunch, discussed the desire to interact with authorities:

“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.”

Users will have access to more than 100 cryptocurrencies and be able to invest in cryptocurrencies using both the euro and the British pound. Additionally, the exchange has been granted permission to act as an  Electronic Money Institution.

Recently, Gemini has made headlines for a number of reasons, not all of which are positive. Due to the crypto winter, which has ruined any expansion plans in the works, crypto exchanges have had it tough.

In recent weeks, Gemini has been frequently mentioned in the news. Two rounds of layoffs at the exchange—the first during the crypto winter and the second earlier this week—had garnered headlines. Last year, the exchange hired quickly, but the market meltdown disrupted those plans.

The United States Commodity Futures Trading Commission has also filed a lawsuit against it for making “false and misleading statements.” Regarding its bitcoin futures products, the lawsuit was filed.

The exchange, like other significant centralized exchanges like Binance and Coinbase, has been eager to cooperate with regulators. Exchanges are aware that in order to remain in operation, they must comply with regulations and win over authorities. As the cryptocurrency industry expands, the demand for protocols only grows.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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