The Central Bank of Ireland (CBI) has granted approval to Crypto.com, a leading cryptocurrency company, to operate as a virtual asset service provider (VASP).
On June 11, Crypto.com, a prominent crypto trading platform globally, revealed that it had received VASP authorization in Ireland. This approval permits Crypto.com to enhance its services in the country, including facilitating crypto-to-fiat exchanges and offering fiat wallets.
Eric Anziani, the President and COO of Crypto.com, emphasized that obtaining this approval showcases the company’s dedication to compliance and innovative practices. He expressed excitement about broadening their services in Ireland to provide consumers with a comprehensive range of crypto products.
Although Crypto.com did not disclose the specific details of the new crypto services enabled in Ireland following the VASP approval, it joins a group of 15 entities approved as VASPs by the Central Bank of Ireland. This list includes well-known companies such as Ripple, Gemini exchange by the Winklevoss brothers, MoonPay, Zodia custody platform by Standard Chartered, Paysafe, and others.
Several companies received approval in Ireland in 2023, while in 2024, the CBI approved four additional entities, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.
The approval of Crypto.com by the Central Bank of Ireland signifies the country’s growing interest in the crypto industry. Coinbase, the largest U.S.-based crypto exchange, designated Ireland as its European crypto hub in late 2023 to comply with the Markets in Crypto-Assets Regulation, a significant cryptocurrency regulatory framework in Europe.
Meanwhile, other major players like Ripple and Gemini are also solidifying their presence in Ireland despite regulatory challenges in the United States. On the contrary, Circle Internet Financial, the company behind the second-largest stablecoin, USD Coin (USDC), announced plans to exit Ireland and return to the U.S. in May 2024.
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Irelands central bank grants approval to Cryptocom