The Central Bank of Ireland (CBI) has approved Crypto.com as a virtual asset service provider (VASP).
In an official announcement on Tuesday, 11 June 2024, Crypto.com said that the regulatory approval paves the way for the company to expand its services in Ireland, including crypto-to-fiat exchanges and fiat wallets.
Eric Anziani, the President and Chief Operating Officer of Crypto.com, said that the approval highlights the company’s commitment to compliance and responsible innovation. “We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering,” he added.
Crypto.com declined to provide specific details about the new crypto services enabled in Ireland with the VASP approval.
Ireland Lists 14 Registered VASPs
Crypto.com joins a select group of crypto firms regulated by the Central Bank of Ireland, including Coinbase, a leading U.S.-based crypto exchange.
As of June 7, the list of registered VASPs in Ireland consists of 14 entities, with Ripple, Gemini, MoonPay, Standard Chartered’s Zodia custody platform, and Paysafe among the notable names.
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
In recent years, Ireland has demonstrated an increasing interest in the crypto industry, with the Central Bank of Ireland approving a total of 15 VASPs. In 2023, seven companies received approvals, while in 2024, four others, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com, obtained the green light.
Coinbase, the largest US-based crypto exchange, selected Ireland as its European crypto hub in late 2023, aiming to comply with Europe’s major cryptocurrency regulatory framework, the Markets in Crypto-Assets Regulation (MiCA).
Ripple and Gemini have also solidified their presence in Ireland, despite facing regulatory challenges in the United States.
However, not all crypto firms have chosen to stay in Ireland. Circle Internet Financial, the company behind USD Coin, the world’s second-largest stablecoin, announced in May 2024 its plans to return to the United States and move away from Ireland.
The reasons behind Circle’s decision were not explicitly stated, but it reflects the dynamic nature of the crypto industry and companies’ strategic choices in response to evolving regulatory landscapes.
Why Crypto Firms Are Flocking to Ireland?
Ireland has become an attractive destination for crypto firms, thanks to the country’s efforts to foster innovation and create a supportive environment.
In 2018, the Irish government established an Innovation Hub, providing a platform for fintech companies to engage with the Central Bank of Ireland in a more informal manner.
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According to a report by the Central Bank of Ireland in March last year, a significant portion of the inquiries received by the Innovation Hub came from companies in the blockchain or crypto sectors. Although there was a slight decrease from 39% in 2021, one-third of the inquiries still originated from these sectors.
The allure of Ireland for crypto firms extends beyond regulatory support. The country’s tech-savvy talent pool, robust infrastructure, and favorable business environment make it an ideal location to establish operations.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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