Crypto.com Secures Approval from Ireland’s Central Bank
2 min read
Crypto.com Secures Approval from Ireland's Central Bank
The Central Bank of Ireland (CBI) has now approved Crypto.com as a virtual asset service provider (VASP), adding another major player to its regulated crypto landscape. Crypto.com, widely recognized as one of the largest crypto trading platforms globally, publicized the VASP approval they received in Ireland on June 11. With this new status, Crypto.com can now broaden its range of services in Ireland, including facilitating crypto-to-fiat exchanges and providing fiat wallets.
Echoing the significance of this approval, Crypto.com’s president and chief operating officer, Eric Anziani, highlighted that the recognition underscores the company’s dedication to compliance and responsible innovation. “We are thrilled to expand our offerings in Ireland, allowing consumers to access a more extensive suite of crypto products,” Anziani remarked, indicating the company’s enthusiasm for growth within regulatory frameworks.
Ireland has been selective in approving VASPs, with only 14 entities making the list by June 7. Notable among these are substantial industry players such as Coinbase, Ripple, the Gemini exchange founded by the Winklevoss brothers, MoonPay, Standard Chartered’s Zodia custody platform, and Paysafe. Seven companies gained their approval in 2023 alone, showcasing Ireland’s increasing regulatory activity in the crypto sector.
The approval process continued into 2024, with the CBI endorsing another four operators. These included Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and of course, Crypto.com. This pattern reflects a robust regulatory environment that provides a structured path for legitimate firms to operate within the country.
Ireland’s growing portfolio of regulated crypto companies highlights its expanding role in the global digital assets market. For instance, Coinbase chose Ireland as its European hub in late 2023. This move was strategic, aiming to align with Europe’s comprehensive cryptocurrency regulatory framework, known as the Markets in Crypto-Assets Regulation, or MiCA. The establishment of such a hub underscores the suitability of Ireland for major crypto operations.
Other major companies, including Ripple and Gemini, have fortified their presence in Ireland, partly due to regulatory challenges they face in the United States. This trend signifies that Ireland is becoming an attractive destination for crypto firms seeking a stable regulatory environment amidst the uncertainties back home.
Not all crypto firms view Ireland as their base of operations. For example, Circle Internet Financial, the entity behind USDC, the second-largest stablecoin globally, announced in May 2024 its intentions to shift back to the United States, moving away from Ireland. This decision highlights that while Ireland is an appealing hub, strategic shifts in the crypto landscape continue based on evolving business needs and regulatory climates.
The approval of Crypto.com as a VASP by the CBI thus marks yet another step in Ireland’s dynamic engagement with the cryptocurrency industry. It demonstrates the country’s commitment to fostering a responsible yet innovative environment for digital asset companies. As the landscape evolves, Ireland’s role in the global crypto market seems poised to grow even further.
Such exciting developments in Irelands crypto landscape! Crypto.com is a fantastic addition!
Strategic move my foot. This is just about finding places with weaker regulations to exploit. Shame on Ireland for allowing this. 😔🔍
Crypto.com’s expansion in Ireland is a big leap for the industry. Here’s to more progress and innovation! 🚀🇮🇪
Ireland is being selective? Approving 14 entities in a few years isn’t selective; it’s just opening the floodgates. More crypto chaos incoming!
Crypto firms are flocking to Ireland due to regulatory challenges elsewhere? Sounds more like they’re running away from stricter oversight.
Ireland is establishing itself as a go-to destination for crypto firms. Congrats to Crypto.com on the approval! ✨👏
What a milestone for Crypto.com and Ireland’s crypto framework! The future looks incredibly promising! 🥳🔗
Great to see Ireland leading the way in crypto regulation. Big props to Crypto.com for their new status!
Ireland is shining brightly on the crypto map! Congrats to Crypto.com for leading the way! 🗺️🎇
Wonderful news for the crypto sector! Crypto.coms new status in Ireland will bring so many new possibilities.
Eric Anzianis remarks really hit the nail on the head compliance and innovation go hand in hand. Congrats Crypto.com!
Expanding role in the global digital assets market? Yeah right, until the next crypto crash hits and everyone realizes what a mess this was.
How long before Crypto.com headlines the news for some major scandal or collapse, even with this ‘approval’? I give it a few months. 😓🕳️
Crypto.com’s VASP approval is a testament to their dedication. Thrilled to see Ireland embrace crypto innovation! 🌟👍
Exciting times for crypto in Ireland! Kudos to Crypto.com for earning this recognition!
Another day, another country opening up more to crypto. Just waiting for the next big heist or fraud case to hit the headlines. 🙄🔍
Irelands crypto regulatory landscape keeps getting better! Huge congrats to Crypto.com on this achievement!
Crypto.com’s VASP approval in Ireland is a game changer! Looking forward to seeing the industry grow even more. 🌍✨
Big congrats to Crypto.com for achieving this milestone in Ireland. Here’s to a promising future in crypto! 🍾🔗
So now Crypto.com can broaden its range of services in Ireland? Fantastic. More ways for people to get ripped off by unregulated crypto schemes.
Eric Anziani talking about ‘compliance and responsible innovation’ is such a joke. Crypto’s history speaks for itself endless hacks and frauds.
Crypto.com publicizing this like it’s some major achievement. Let’s see how long it lasts before something goes terribly wrong.
Dynamic engagement with the cryptocurrency industry? More like dynamic engagement with unregulated finance. No thanks. 👎💼
So proud of Crypto.com for this achievement. Ireland is definitely the place to be for crypto now! 🇮🇪💥
Fantastic news! Crypto.coms new VASP status in Ireland opens up so many opportunities. Heres to more growth!
Irelands proactive stance on crypto regulation is commendable. Congrats to Crypto.com for their new status!
Crypto.coms approval as a VASP in Ireland marks a milestone for both parties. A win-win for the industry!
The future of crypto in Ireland looks brighter than ever! Congrats to Crypto.com and the Central Bank of Ireland. ✨📈
This is a significant step forward for Crypto.com and the crypto industry in Ireland. Proud to see this progress!