thecoinrise.com
Gemini cryptocurrency trading platform, the exchange founded by Tyler and Cameron Winklevoss has announced it has landed the Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. With the new license, the exchange will be able to extend its foothold in Ireland and in the entirety of the European Union.
Gemini established its EU by setting up its regional headquarters in Ireland back in 2021 and has been erring on the side of caution with regulators thus far. The exchange said the current VASP license it received is a confirmation of its strategy to seek permission first as a business rather than ask for forgiveness later.
“We are thrilled to announce that Gemini is the first company to be registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. Our VASP registration comes on the heels of our Electronic Money Institution (EMI) authorisation in February of 2022, also from the Central Bank of Ireland,” said Gillian Lynch, Gemini’s Head of Ireland and EU, “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 foster innovation.”
Riding on the license, Gemini said it plans to offer its users products and services that is tailored to both retail and corporate investors in the country and the entire European Economic Area.
Gemini on the Spotlight
Gemini has been on the news in the past few weeks for being among the exchanges that prioritize cutting its staff as a means to survive the ongoing crypto winter.
Gemini was one of the first trading platforms to retrench its staff sending off as many as 10% of its workforce in June. Besides this, inside sources leaked a piece of information that Gemini has also quietly laid off another 7% of its staff earlier this week.
Gemini is not sitting on its oars and the Irish license is a testament that it is still focused on its international expansion drive. Other exchanges like Crypto.com, Binance, and Coinbase are also pushing into the EU through recently tapped Italian licenses.