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, following a “thorough review” of its security and compliance programmes.

The VASP registration was introduced in Ireland last year. The Central Bank reviews firms to ensure they have appropriate procedures around Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

Gemini was founded in 2014 in the US by Cameron and Tyler Winklevoss. The company secured an electronic money license from the Central Bank earlier this year, the first to be granted such a license 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 said. “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,” Lynch said.

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 industry has also faced a general downturn recently, with both bitcoin and Ethereum recently hitting their lowest values in more than a year.

Amid this downturn, 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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