Ireland: Central Bank approves Crypto.com as service provider

Crypto.com has been approved by Ireland’s Central Bank as a service provider.

Crypto.com was given the approval by the Central Bank of Ireland (CBI) as a virtual asset service provider (VASP), allowing it to expand its offerings in the country.

The Central Bank of Ireland gave the approval as part of a broader move to regulate and embrace the cryptocurrency industry.

Indeed, Crypto.com can now provide services such as crypto-to-fiat exchanges and fiat wallets to Irish consumers.

Eric Anziani, Crypto.com’s president and chief operating officer, said the approval demonstrates the company’s dedication to compliance and innovation.

According to him, “We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering.”

Crypto.com joins a list of 15 companies that have been approved as VASPs by the CBI as of June 7, 2024.

Other notable entities include Coinbase, Gemini, Ripple, MoonPay, and Zodia Custody.

This wave of approvals signals Ireland’s increasing involvement in the global cryptocurrency market.

Ireland has become an attractive destination for major crypto firms.

In late 2023, Coinbase designated Ireland as its European crypto hub to comply with the Markets in Crypto-Assets Regulation (MiCA).

Similarly, Ripple and Gemini have been expanding their presence in Ireland, leveraging the favourable regulatory environment amidst challenges in the U.S.

While many firms are moving into Ireland, not all crypto companies are staying.

Circle Internet Financial, the stablecoin USD Coin (USDC) issuer, announced in May 2024 that it would be shifting its focus back to the U.S., moving away from its Irish operations.