Crypto.com Earns Virtual Asset Service Provider Status in Ireland
Summary:
The Central Bank of Ireland has granted virtual asset service provider (VASP) status to Crypto.com, a global leader in crypto trade. This allows the company to expand its services in Ireland, including crypto-to-fiat transactions. Crypto.com is now among several crypto firms regulated by Ireland's central bank, joining entities like Coinbase, Ripple, and Gemini exchange. This accreditation highlights Ireland's growing interest in the crypto industry, even as some firms like Circle Internet Financial plan to move away from the region.
The Central Bank of Ireland (CBI) has granted authorization to leading cryptocurrency company, Crypto.com, certifying it as a virtual asset service provider (VASP). On June 11, Crypto.com, one of the global majorities in crypto trade, publicized their success in attaining VASP accreditation in Ireland. The decision allows the company further expansion of its services in Ireland, encompassing crypto-to-fiat transactions and fiat wallets. COO and President of Crypto.com, Eric Anziani, hailed the endorsement as testament to the company’s dedication to adhering to regulations and promoting responsible innovation. The executive promised a broadened range of crypto products to the Irish market.
In line with this endorsement, Crypto.com is now listed alongside a vast array of crypto firms who are supervised by the country's central bank, with Coinbase, a US-based crypto exchange, among them. As of June 7, there are 14 accredited VASPs in Ireland, among which are renowned industry firms such as Ripple, Gemini exchange by the Winklevoss brothers, MoonPay, Zodia custody platform operated by Standard Chartered, and Paysafe. The highest number of VASP accreditations this year went to Ireland with seven firms. In the following year, four more firms including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com were awarded the same accreditation by the CBI.
The endorsement of Crypto.com signifies another stride forward for Ireland’s burgeoning interest in cryptocurrency. The most extensive US crypto exchange by trade volume, Coinbase, chose Ireland as its European base in late 2023 in a bid to align itself with MiCA, the prime regulatory framework for cryptocurrencies in Europe. Despite facing difficulties with US regulations, other leading companies including Ripple and Gemini, have also been fortifying their positions in Ireland. In contrast, other firms such as Circle Internet Financial – the brains behind the world's second most significant stablecoin, USDC (USDC) - disclosed plans in May 2024 to retreat to the US and move away from Ireland.
Published At
6/11/2024 3:51:20 PM
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