Cryptocurrency-based Gemini receives regulatory approval to expand in Italy and Greece | The Financial Express

Cryptocurrency-based Gemini receives regulatory approval to expand in Italy and Greece

According to Cointelegraph, Gemini announced about registering a virtual currency operator with Italy’s payment services regulator, the Organismo Agenti E Mediatori

Cryptocurrency-based Gemini receives regulatory approval to expand in Italy and Greece
As of November, 2022, Gemini is operational in over 65 countries

Winklevoss’ brothers cryptocurrency exchange Gemini is going forward with its expansion plans in Europe through announcement of new regulatory approvals in Italy and Greece, as reported by Cointelegraph.

According to Cointelegraph, on November 30, 2022, Gemini announced about registering a virtual currency operator with Italy’s payment services regulator, the Organismo Agenti E Mediatori (OAM). It is believed that the cryptocurrency exchange has also received registration as a custodial wallet provider and provider of virtual currency exchange with Greece’s Hellenic Capital Markets Commission (HCMC). On the basis of official data, it was found that the OAM registration happened on November 3, 2022, while the HCMC gave its approval to Gemini on November 7, 2022. 

On the basis of information by Cointelegraph, the new registrations, in combination with Gemini’s electronic money institution and authorisation from the Central Bank of Ireland, officially permits the exchange to provide cryptocurrency facilities to their customers in Italy and Greece. Reportedly, the aim of the approvals is to demonstrate Gemini’s compliance with applicable Italian and Greek anti-money laundering and counter terrorist financing regulations. Reportedly, as of November, 2022, Gemini is operational in over 65 countries, including new jurisdictions such as Croatia, Cyprus, Czech Republic, Denmark, Hungary, Ireland, Latvia, Liechtenstein, Portugal, Romania, Slovenia, Sweden, among others.

“We continue to work with Genesis Global Capital — the lending partner of Earn — and its parent company Digital Currency Group to find a solution for Earn users to redeem their funds,” Gemini said in a tweet from November 21, 2022.

Moreover, Cointelegraph noted that on November 29, 2022, Gemini utilised Twitter to make the announcement of Gemini Trust Center, through assurance to its customers that its accounts’ assets would remain separated from Gemini’s assets. 

“Gemini is a full-reserve exchange and custodian. This means that all customer funds held on Gemini are held 1:1 and available for withdrawal at any time,” the company highlighted.

(With insights from Cointelegraph)

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First published on: 01-12-2022 at 12:13 IST