Crypto.com Gains Approval to Operate as a Virtual Asset Service Provider in Ireland

Crypto.com, a prominent global cryptocurrency exchange, has secured approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). This significant regulatory milestone enables Crypto.com to expand its services in Ireland, including crypto-to-fiat exchanges and fiat wallets, further solidifying its presence in the European market.

This approval is part of Crypto.com’s broader strategy to achieve regulatory compliance across various jurisdictions. The company’s president and COO, Eric Anziani, emphasized the importance of this approval as a testament to their commitment to compliance and responsible innovation. This move aligns with Crypto.com’s ongoing efforts to ensure their services meet stringent anti-money laundering (AML) and combating the financing of terrorism (CFT) standards.

Crypto.com’s approval in Ireland adds to its impressive list of regulatory achievements worldwide. The exchange has already secured licenses and approvals in numerous countries, including:

• Singapore: Major Payment Institution (MPI) licenses for Digital Payment Token (DPT) services, e-money issuance, and money transfer services from the Monetary Authority of Singapore.
• France: Digital Asset Service Provider (DASP) registration by the Autorité des marchés financiers (AMF).
• Dubai: Full operational approval from the Dubai Virtual Assets Regulatory Authority (VARA).
• United Kingdom: Authorization as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA).
• South Korea: Registration under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider.
• Australia: Approvals from AUSTRAC and the Australian Securities and Investments Commission (ASIC) for various financial services and credit licenses.
• Spain, Italy, Greece, and Cyprus: VASP registrations and other regulatory approvals in these countries.

In addition to these, Crypto.com has received regulatory endorsements from the Cayman Islands Monetary Authority and holds pre-registration undertakings with the Ontario Securities Commission and Canada Securities Administrators.

Ireland’s Central Bank has recently approved 15 different VASPs, reflecting the country’s growing acceptance and regulation of cryptocurrency activities. Alongside Crypto.com, other major crypto firms such as Coinbase, Gemini, and Ripple have also secured VASP status in Ireland. This regulatory framework is crucial as the European Union prepares for the full implementation of the Markets in Crypto-Assets (MiCA) regulation in December 2024. MiCA aims to create a comprehensive regulatory environment for cryptocurrencies across all 27 EU member states, allowing firms with a VASP license from any member state to operate across the entire bloc.

The approval from Ireland’s Central Bank is particularly noteworthy given the recent trend of some crypto firms opting to leave the country. For instance, Circle Internet Financial announced plans to relocate back to the U.S., despite previously establishing a presence in Ireland. This trend highlights the dynamic nature of regulatory landscapes and the strategic decisions firms must make in response to evolving regulations.

Securing the VASP approval in Ireland is a strategic victory for Crypto.com, enabling the company to offer more comprehensive services to its European customers. This includes facilitating smoother crypto-to-fiat transactions, which are essential for users looking to integrate cryptocurrencies into their daily financial activities.