The approval of Crypto.com as a virtual asset service provider (VASP) by the Central Bank of Ireland (CBI) marks a significant milestone for the cryptocurrency industry in the country. On June 11, Crypto.com, a leading global crypto trading platform, announced that it had received approval to operate as a VASP in Ireland. This approval paves the way for Crypto.com to expand its services in the country, offering crypto-to-fiat exchanges and fiat wallets to consumers.
Eric Anziani, the President and COO of Crypto.com, expressed his excitement over the approval, highlighting the company’s commitment to compliance and innovative practices. He emphasized that the approval would enable consumers in Ireland to access a comprehensive range of crypto products and services.
While Crypto.com did not disclose specific details about the new services enabled by the VASP approval, it joins a list of 15 entities approved as VASPs in Ireland. This list includes major players in the industry such as Coinbase, Ripple, Gemini, MoonPay, Standard Chartered’s Zodia, and Paysafe.
The approval of Crypto.com by the Central Bank of Ireland reflects the country’s growing interest in the crypto sector. Coinbase, for example, chose Ireland as its European crypto hub in 2023 to comply with Europe’s regulatory framework for cryptocurrencies. Similarly, Ripple and Gemini have been expanding their presence in Ireland, despite challenges from U.S. regulators.
However, not all crypto firms have remained in Ireland. Circle Internet Financial, the company behind the second-largest stablecoin, USD Coin (USDC), announced its plans to return to the U.S. and move away from Ireland in May 2024.
Overall, the approval of Crypto.com as a VASP in Ireland signifies the country’s increasing engagement with the crypto industry, as major players continue to establish their presence and navigate regulatory landscapes both in Ireland and abroad.