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Ireland issues first virtual assets licence

CryptocurrenciesCryptocurrency platform Gemini has secured the first ever virtual asset service provider (VASP) licence to be issued by the Irish Central Bank.

The approval will enable Gemini to provide digital and crypto asset services to individuals and institutions, including trading and custody.

It was welcomed by Gemini’s head of Ireland and Europe, Gillian Lynch, who described it as a “huge step” in its bid to offer crypto services in Ireland.

“We believe that regulation is vital to protect investors and offer a safe experience with digital assets,” she said.

“We are delighted that following a thorough review of our security and compliance programmes, the Central Bank has issued Gemini with a VASP registration,” she added.

The VASP registration was launched last year and requires the Central Bank to review a crypto business’s counter-terrorist financing and anti-money laundering processes as well as the fitness of management teams.

The registration will be welcome news for Gemini, which was established in 2014 in the US by twins Cameron and Tyler Winklevoss.

The cryptocurrency exchange has made another round of staff cuts following a 10% reduction made last month, reducing its employee numbers to 68 due to the so-called crypto winter.

©2022 fundsTech

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