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Central Bank of Ireland approves Crypto.com as virtual asset provider

Wednesday 12 June 2024 10:13 CET | News

The Central Bank of Ireland (CBI) has approved Crypto.com as a virtual asset service provider (VASP).

 

Crypto.com, a major cryptocurrency trading platform, announced on 11 June 2024 that it had received this approval, which allows the company to offer services in Ireland, including crypto-to-fiat exchanges and fiat wallets.

Representatives of Crypto.com’s stated that this approval reflects the company's focus on compliance and innovation. However, Crypto.com did not provide specific details about the new services that will be available in Ireland following this approval.

With this approval, Crypto.com joins several other crypto firms regulated by the CBI, including Coinbase, which had previously chosen Ireland as its European crypto hub. The list of registered VASPs in Ireland includes 14 entities as of 7 June, featuring major firms such as Ripple, Gemini, MoonPay, and Standard Chartered’s Zodia custody platform. Seven of these companies were approved in 2023, and four, including Crypto.com, received approval in 2024.

 

The CBI's approval of Crypto.com is part of Ireland's growing engagement with the cryptocurrency sector. While some companies, like Coinbase, Ripple, and Gemini, are increasing their presence in Ireland, others, such as Circle Internet Financial, have decided to move their operations away from Ireland. Circle announced in May 2024 that it plans to return to the US, moving away from its previous base in Ireland.

Receiving approval in Dubai

In April 2024 the Singapore-based digital asset exchange announced that its local entity, CRO DAX Middle East FZE, has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA).

This approval allows institutional investors in the United Arab Emirates (UAE) to use the Crypto.com exchange. Crypto.com is now among several crypto entities that have recently received regulatory approvals in the UAE, including Deribit, M2, Rain, Nexo, Fasset, and OKX. According to Crypto.com, obtaining the full license from VARA marks a significant achievement as it becomes the first global crypto operator to be operational with fiat in the UAE.

The company has indicated plans for further product launches, including additional offerings for retail users. Over the past year, Crypto.com has expanded its operational approvals to include Singapore, France, Brazil, and the U.K. However, it has encountered challenges such as fines in the Netherlands, workforce reductions, and difficulties in maintaining fiat on-ramps during banking crises.

Crypto.com highlighted the importance of launching their institutional services in the UAE market, noting it as a crucial step for the company's continued growth and development.


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Keywords: banking license, cryptocurrency, compliance, regulation
Categories: DeFi & Crypto & Web3
Companies: Central Bank of Ireland, Crypto.com
Countries: Ireland
This article is part of category

DeFi & Crypto & Web3

Central Bank of Ireland

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Crypto.com

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