Crypto.com Receives VASP Approval from Central Bank of Ireland

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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June 11, 2024 17:55 EDT

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The cryptocurrency industry in Ireland continues to expand as the Central Bank of Ireland (CBI) granted Virtual Asset Service Provider (VASP) approval to Crypto.com on June 11.Crypto.com VASP acquisition will enable the company to broaden its offerings in the country, including crypto-to-fiat exchanges and fiat wallets.

Crypto.com’s New VASP Approval in Ireland

https://t.co/vCNztATSCO is proud to announce that we have been granted Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. pic.twitter.com/Dv9Fi5WUCg

— Crypto.com (@cryptocom) June 11, 2024

With this latest approval, Crypto.com joins a select group of crypto firms regulated by the Central Bank of Ireland. The list of registered VASPs in Ireland now includes prominent industry players such as Coinbase, Ripple, the Winklevoss brothers’ Gemini exchange, MoonPay, and Standard Chartered’s Zodia custody platform.

As of June 7, Ireland has approved 15 entities as VASPs, showing its progressive stance towards digital asset regulation. In 2024, the CBI approved four new VASPs, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.

https://t.co/vCNztATSCO is proud to announce that we have been granted Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. pic.twitter.com/Dv9Fi5WUCg

— Crypto.com (@cryptocom) June 11, 2024

While many crypto firms are solidifying their presence in Ireland, some have opted to exit the market. Circle Internet Financial, the company behind USD Coin (USDC), announced plans to return to the US and move away from Ireland in May.

Despite this, Ireland continues to attract major companies like Coinbase, which selected the country as its European crypto hub to comply with the Markets in Crypto-Assets Regulation (MiCA).

Crypto.com Got Approval From VARA

Outside of Ireland, Crypto.com announced that its Dubai-based entity has achieved full operational approval from the Virtual Assets Regulatory Authority (VARA) and will commence services targeting institutional investors.The milestone follows Crypto.com meeting VARA’s pre-operational requirements in November 2023 and marks the first global crypto exchange authorized to operate with fiat currency in the UAE.Crypto.com has obtained other important licenses, including a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore and registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France.Additionally, Crypto.com plans to launch further products for retail customers, including the Crypto.com App. Other approvals include the Electronic Money Institution (EMI) authorization by the UK’s Financial Conduct Authority (FCA).