Crypto.com Secures VASP Approval in Ireland Amidst Industry Growth

The Central Bank of Ireland (CBI) granted Virtual Asset Service Provider (VASP) approval to Crypto.com on June 11, enabling the company to expand its services within the country. This move underscores Ireland's progressive stance towards digital asset regulation and strengthens Crypto.com's position in the European market.

Key Details:

- VASP Approval:
- Crypto.com received VASP approval from the Central Bank of Ireland, joining other regulated firms such as Coinbase, Ripple, Gemini, MoonPay, and Zodia Custody.
- This approval allows Crypto.com to offer services including crypto-to-fiat exchanges and fiat wallets in Ireland.

- Industry Growth in Ireland:
- As of June 7, Ireland has approved 15 entities as VASPs, reflecting a forward-thinking approach to digital asset regulation.
- In 2024 alone, the CBI approved four new VASPs: Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.
- Despite some firms like Circle Internet Financial moving away from Ireland, major companies like Coinbase have chosen Ireland as a key hub for their European operations, particularly to comply with the Markets in Crypto-Assets Regulation (MiCA).

- Crypto.com’s Global Expansion:
- Besides its new VASP status in Ireland, Crypto.com has achieved significant regulatory milestones globally:
- Full operational approval from the Virtual Assets Regulatory Authority (VARA) in Dubai, targeting institutional investors.
- A Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore.
- Registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France.
- Electronic Money Institution (EMI) authorization by the UK’s Financial Conduct Authority (FCA).

- Strategic Implications:
- Crypto.com's approval in Ireland will facilitate broader service offerings, enhancing its competitiveness in the European market.
- The company’s global regulatory achievements position it as a leading player in the cryptocurrency industry, capable of offering diverse and compliant financial products across multiple jurisdictions.

Conclusion:
Crypto.com's VASP approval in Ireland is a significant milestone that aligns with the country's supportive regulatory environment for digital assets. This approval, alongside other global regulatory achievements, enables Crypto.com to expand its offerings and solidify its presence in key markets, ensuring compliance and fostering growth in the evolving cryptocurrency landscape.