The Central Bank of Ireland (CBI) has recently added Crypto.com to its list of approved virtual asset service providers (VASPs). This approval, granted on June 11, is a significant milestone for Crypto.com, one of the largest cryptocurrency trading platforms in the world.
It allows the company to expand its services in Ireland, including crypto-to-fiat exchanges and fiat wallets, thereby enhancing its comprehensive crypto product offerings in the country.
Crypto.com Emphasizes Commitment to Compliance and Innovation
Eric Anziani, President and Chief Operating Officer of Crypto.com, emphasized that this approval highlights the company’s dedication to compliance and responsible innovation in the crypto space. However, the company has not disclosed specific details regarding the new services enabled by this approval.
Crypto.com now joins a select group of 14 other entities that have been registered as VASPs in Ireland as of June 7. This list includes notable industry players such as Ripple, Gemini (owned by the Winklevoss brothers), MoonPay, Standard Chartered’s Zodia custody platform, Paysafe, and others.
In 2023, seven companies received their approvals, and in 2024, the CBI added four more, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.
The growing list of approved VASPs reflects Ireland’s increasing engagement with the cryptocurrency sector. This interest is further demonstrated by Coinbase’s decision to establish its European hub in Ireland.
List of Approved VASPs by Ireland’s Central Bank. Source: CBI
Announced in late 2023, this move positions Ireland as a strategic location for Coinbase to comply with the Markets in Crypto-Assets Regulation (MiCA).
Coinbase Chooses Ireland for Strategic Location under MiCA
Daniel Seifert, Vice President and Regional Managing Director of Coinbase EMEA, highlighted Ireland’s supportive political environment for fintech and its globally respected regulatory framework as key factors in choosing Ireland for their MiCA hub.
Coinbase currently holds an e-money institution license and VASP registration in Ireland, along with a crypto license in Germany and registrations in several other EU member states.
Expected to be implemented in late 2024, MiCA will enable Coinbase to operate under a unified regulatory framework across the European Union’s vast market of 450 million people in 27 countries.
While companies like Ripple and Gemini are solidifying their operations in Ireland, not all firms have chosen to stay. Circle Internet Financial, the entity behind USD Coin, the world’s second-largest stablecoin, has announced plans to relocate back to the U.S. and move its operations away from Ireland in May 2024.
The dynamic landscape in Ireland reflects both the opportunities and challenges within the crypto industry as regulatory environments evolve and companies strategically position themselves in favorable markets.
The approval of Crypto.com by the Central Bank of Ireland is yet another indicator of the country’s growing interest and involvement in the cryptocurrency industry, setting the stage for further developments and innovations in the field.
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