The Central Bank of Ireland (CBI) has given a nod to another major cryptocurrency company, Crypto.com, as a virtual asset service provider (VASP).
Crypto.com, one of the world’s largest crypto trading platforms, announced it had receiving VASP approval in Ireland on June 11. The approval enables Crypto.com to expand its offering in the country, including crypto-to-fiat exchanges and fiat wallets.
Crypto.com's president and chief operating officer, Eric Anziani, said the approval shows the company’s commitment to compliance and responsible innovation.
“We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering,” the exec added.
Ireland has approved 15 entities as VASPs
In obtaining the approval, Crypto.com joins a wide set of crypto firms regulated by the country’s central bank, including the United States-based crypto exchange Coinbase.
The full list of registered VASPs in Ireland features 14 entities as of June 7, including major industry firms like Ripple, the Winklevoss brothers’ Gemini exchange, MoonPay, Standard Chartered’s Zodia custody platform, Paysafe and others.
The largest number of firms on the list — seven companies — received approvals in Ireland in 2023. In 2024, the CBI approved four such operators, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.
Some crypto firms opted to leave Ireland
The approval of Crypto.com by the central bank of Ireland marks another milestone in the country’s growing interest in the crypto industry.
Coinbase, the largest crypto exchange in the U.S. by trading volumes, selected Ireland as its European crypto hub in late 2023.
The choice of the Irish jurisdiction aimed to help Coinbase comply with Europe’s major cryptocurrency regulatory framework, known as the Markets in Crypto-Assets Regulation, or MiCA.
Related: EU Innovation Hub criticizes privacy coins and crypto mixers in new report
Other major companies, including Ripple and Gemini, have also been cementing their presence in Ireland while facing issues from U.S. regulators.
On the other hand, other companies like Circle Internet Financial — the company behind the world’s second-largest stablecoin, USDC (USDC) — announced plans to return to the U.S. and shift away from Ireland in May 2024.
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