New York-headquartered crypto trading platform Gemini reportedly managed to secure the first-ever virtual asset service provider (VASP) registration from the Central Bank of Ireland (CBI). 

Specifically, the development was reportedly disclosed by Gemini via its blog page on the 10th of July, with Gillian Lynch, head of Ireland and the European Union for Gemini, sharing additional insights into the development. 

“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.”

The freshly finalized registration of Gemini will reportedly make it possible for individuals and institutions based in Ireland to tap into Gemini’s exchange and custody offerings to purchase, sell and store more than 100 cryptocurrencies, as well as the euro and Great British pound. 

The EU’s Fifth Anti-Money Laundering Directive (5AMLD) was reportedly transposed into Irish law in April last year, granting the legal power to entities to function locally without the registration from the CBI and conducting due diligence on customers – including identification, accounting for the origin and destination of their crypto assets and reporting suspicious financial activity.

The e-money license that Gemini submitted the application for two years ago and secured in March this year has been giving it the legal freedom to issue electronic money, offer electronic payment services, and facilitate electronic payments for third parties. 

However, it offers no legal power for establishments to function as an exchange.

Gemini reportedly set up its Dublin shop in early last year and onboarded Gillian Lynch, a former executive at the Irish banking platform Leveris and Bank of Ireland, as head of Ireland and EU. Kraken and Ripple have also selected the country as their European base, and Binance opened three subsidiaries in Ireland in September.