The approval of Crypto.com as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland (CBI) marks a significant milestone in the cryptocurrency industry. Crypto.com, a prominent crypto trading platform, made the announcement on June 11, revealing that it had received VASP approval in Ireland. This approval allows Crypto.com to enhance its services in the country, including crypto-to-fiat exchanges and fiat wallets.
Eric Anziani, the president and chief operating officer of Crypto.com, expressed his excitement about the approval, emphasizing the company’s dedication to compliance and innovative practices. He stated, “We are thrilled to expand our services in Ireland, providing consumers with access to the most comprehensive range of crypto products.”
Although Crypto.com did not disclose specific details about the new crypto services enabled in Ireland following the VASP approval, the company’s inclusion in the list of approved VASPs by the CBI is a significant achievement. Ireland has approved a total of 15 entities as VASPs, with Crypto.com joining other well-known firms like Ripple, Gemini, and Coinbase in complying with the country’s regulatory standards.
The approval of Crypto.com by the Central Bank of Ireland reflects the country’s increasing interest in the crypto industry. Major players in the crypto market, such as Coinbase, have established their presence in Ireland as a strategic move to navigate Europe’s evolving cryptocurrency regulatory landscape, particularly the Markets in Crypto-Assets Regulation.
While some companies, like Circle Internet Financial, have decided to move away from Ireland and return to the U.S., others, including Ripple and Gemini, are solidifying their operations in the country despite regulatory challenges in their home country. The approval of Crypto.com as a VASP in Ireland underscores the industry’s ongoing evolution and the growing importance of regulatory compliance in the crypto space.