TLDR
- Crypto.com received approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP), allowing it to offer crypto-to-fiat exchanges and fiat wallets in Ireland.
- This approval reflects Crypto.com’s focus on compliance and responsible innovation.
- Crypto.com joins several other crypto firms regulated by the Central Bank of Ireland, including Coinbase, Ripple, Gemini, and MoonPay.
- Crypto.com serves over 100 million customers globally and aims to expand its services in Ireland following this approval.
- The approval comes as cryptocurrency companies prepare for the upcoming Markets in Crypto Assets (MiCA) legislation in the European Union.
Crypto.com, a major cryptocurrency trading platform serving over 100 million customers globally, has received a significant approval from the Central Bank of Ireland.
The company has been granted a license to operate as a Virtual Asset Service Provider (VASP) in Ireland, allowing it to offer services such as crypto-to-fiat exchanges and fiat wallets to its customers in the country.
This approval is a testament to Crypto.com’s commitment to compliance and responsible innovation in the cryptocurrency industry.
The Central Bank of Ireland conducted a thorough review of the company’s anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures before granting the VASP license.
Meeting these stringent regulatory requirements is crucial for cryptocurrency companies operating in Ireland and other jurisdictions.
With this approval, Crypto.com joins a growing list of cryptocurrency firms regulated by the Central Bank of Ireland. Major companies like Coinbase, Ripple, Gemini, and MoonPay have previously obtained similar licenses, establishing Ireland as a hub for crypto-related activities in Europe.
As of early June 2024, there were 14 registered VASPs in Ireland, with seven of them receiving approval in 2023 and four, including Crypto.com, being approved in 2024.
https://t.co/vCNztATSCO is proud to announce that we have been granted Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. pic.twitter.com/Dv9Fi5WUCg
— Crypto.com (@cryptocom) June 11, 2024
Crypto.com’s President and COO, Eric Anziani, expressed excitement about broadening the company’s offerings in Ireland, stating that the approval will enable consumers to engage with the “most comprehensive crypto product offering.”
The company plans to enhance its services in the country, leveraging the VASP license to provide a wider range of crypto-related products and services to its Irish customers.
The approval comes at a time when cryptocurrency companies are preparing for the implementation of the Markets in Crypto Assets (MiCA) legislation in the European Union. MiCA will establish a harmonized regulatory framework for crypto-asset services across the 27 EU member states.
Companies with a VASP license from any EU member state, like Crypto.com’s approval in Ireland, will be able to operate across the entire European Union once MiCA is in effect.
Crypto.com’s global presence extends beyond Ireland and the European Union. The company holds various licenses and approvals in markets around the world, including a Major Payment Institution (MPI) license for Digital Payment Tokens (DPT) and e-money issuance from the Monetary Authority of Singapore.
It is also registered as a Digital Asset Service Provider (DASP) in France, has full operational approval from the Dubai Virtual Assets Regulatory Authority (VARA), and is authorized as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) in the UK.
