Cryptocurrency exchange Gemini has become the first in the industry to be approved as a Virtual Asset Service Provider (VASP) in Ireland by the central bank of the country.

After the approval from the Central Bank of Ireland, the crypto exchange led by the billionaire twins Cameron and Tyler Winklevoss will now be able to provide its services to the local market.

"Our VASP registration comes on the heels of our Electronic Money Institution (EMI) authorization in February of 2022, also from the Central Bank of Ireland," Gillian Lynch, head of Ireland and EU at Gemini, said Tuesday in a blog post.

The exchange was approved earlier this year for e-money services in the European Economic Area countries along with other license holders Coinbase, Stripe, Square and Meta, becoming the 18th firm to receive the e-money license. A similar license was given to Gemini by the United Kingdom's Financial Conduct Authority (FCA).

"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," added Lynch.

With the approval from the Central Bank of Ireland, Gemini now has the authority to allow investors to buy, sell, and hold over 100 cryptocurrncies with fiat currencies EUR and GBP. Lynch also said the exchange plans to expand deeper into the European Union in the near future.

Gemini recently laid off 7% of its employees due to "turbulent market conditions" and is reportedly planning to reduce its employee count to 800. The firm had also laid off 10% staff in early June due to similar reasons. It is reportedly currently undergoing "extreme cost cutting."

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