The Central Bank of Ireland (CBI) has granted another major cryptocurrency firm, Crypto.com, the status of a Virtual Asset Service Provider (VASP). This significant approval, announced on June 11, allows Crypto.com to expand its operations within Ireland, offering more extensive crypto-to-fiat exchanges and fiat wallet services to its users.
Expansion and Compliance Commitment
Eric Anziani, President and Chief Operating Officer of Crypto.com, highlighted the importance of this approval as a testament to the company’s dedication to compliance and innovative service offerings. He stated:
“We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering.”
While Crypto.com did not provide detailed specifics on the new services that will be available in Ireland following this VASP approval, the move signifies a strategic expansion into the European market, enhancing the company’s ability to serve its growing customer base with regulated financial products.
Ireland’s Growing Crypto Regulatory Landscape
With this approval, Crypto.com joins a distinguished list of crypto firms regulated by the Central Bank of Ireland. As of June 7, the list of registered VASPs in Ireland includes 14 entities, such as:
- Coinbase: The largest U.S.-based crypto exchange by trading volumes.
- Ripple: Known for its enterprise blockchain solutions and the cryptocurrency XRP.
- Gemini: The exchange founded by the Winklevoss twins.
- MoonPay: A fintech company facilitating cryptocurrency payments.
- Zodia Custody: A platform backed by Standard Chartered for secure digital asset custody.
- Paysafe: A leading integrated payments platform.
The VASP approval in Ireland reflects the country’s increasing engagement with the cryptocurrency sector and its commitment to fostering a regulated and secure environment for digital asset services.
Ireland as a Crypto Hub
Ireland has been positioning itself as a pivotal player in the European cryptocurrency landscape. Several key crypto firms have chosen Ireland as their base for European operations, especially to comply with the Markets in Crypto-Assets Regulation (MiCA), which aims to harmonize crypto regulations across the European Union.
| Company | Approval Year | Description |
|---|---|---|
| Foris DAX Global | 2024 | Global payment services provider. |
| Fortuna Digital Custody | 2024 | Specializes in secure digital asset custody. |
| Ramp Swaps | 2024 | Provides crypto-to-fiat payment gateways. |
| Crypto.com | 2024 | Major crypto trading platform expanding services in Europe. |
| Coinbase | 2023 | U.S.-based crypto exchange focusing on compliance and regulation. |
| Ripple | 2023 | Blockchain and digital payments innovator. |
| Gemini | 2023 | Crypto exchange with a focus on security and compliance. |
| MoonPay | 2023 | Facilitates cryptocurrency and fiat currency exchanges. |
| Zodia Custody | 2023 | Digital asset custody platform supported by Standard Chartered. |
| Paysafe | 2023 | Payments platform integrating crypto services. |
In late 2023, Coinbase announced its selection of Ireland as its European hub. This move was seen as a strategic effort to navigate and comply with the stringent MiCA regulations. Other notable companies, such as Ripple and Gemini, have also strengthened their presence in Ireland, possibly as a buffer against regulatory challenges they face in the United States.
However, not all movements have been towards Europe. Circle Internet Financial, the firm behind the USD Coin (USDC), the world’s second-largest stablecoin, announced plans to reorient its focus back to the U.S. and move away from Ireland by May 2024. This decision underscores the dynamic and evolving nature of the crypto regulatory environment and how companies are strategically positioning themselves.
The Central Bank of Ireland’s approval of Crypto.com as a VASP is a significant milestone, highlighting the growing interest and regulatory support for the cryptocurrency industry in Ireland. As more global firms establish their presence in the country, Ireland continues to solidify its role as a key player in the European and global digital asset markets.
With the cryptocurrency sector evolving rapidly, Ireland’s proactive stance in regulating and supporting digital asset service providers positions it well to attract more investment and innovation in this burgeoning field.
Featured image credit: Derick Hudson via Getty Images