The crypto exchange and custodian firm Gemini has become the first company to be registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland.
At Blockchain Ireland Week 2022, in May of 2022, Gerry Cross, director of Financial Regulation, Policy and Risk, Central Bank of Ireland, confirmed that VASP applications were at a feedback stage.
Informed speculation is other applications will be approved in the short term.
Earlier this month, the CBI issued a press release highlighting what it termed weaknesses in the Virtual Asset Service Providers’ AML/CFT Frameworks. The CBI said its “seeks to anticipate and support innovation in the financial services industry,” while warning that “firms in novel areas must ensure their businesses will not be used to launder the proceeds of crime or to finance terrorism.”
The CBI also issues a bulletin to virtual asset service providers (VASPs) to assist them in strengthening their applications and frameworks.