Central Bank of Ireland Approves Crypto.com as Virtual Asset Service Provider

The Central Bank of Ireland (CBI) has given its approval to another major cryptocurrency company, Crypto.com, as a virtual asset service provider (VASP). This approval allows Crypto.com to expand its offerings in Ireland, including crypto-to-fiat exchanges and fiat wallets.

Crypto.com, one of the world’s largest crypto trading platforms, announced on June 11 that it had received VASP approval in Ireland. The company’s president and chief operating officer, Eric Anziani, emphasized the importance of compliance and responsible innovation in their operations.

With this approval, Crypto.com joins a list of 15 entities approved as VASPs in Ireland. Other notable companies on the list include Coinbase, Ripple, Gemini exchange, and Standard Chartered’s Zodia custody platform. The Central Bank of Ireland has been actively regulating and approving crypto firms, with seven companies receiving approvals in 2023 and four more in 2024, including Crypto.com.

The approval of Crypto.com by the Central Bank of Ireland highlights the country’s growing interest in the crypto industry. Companies like Coinbase have chosen Ireland as their European crypto hub to comply with regulatory frameworks like the Markets in Crypto-Assets Regulation. However, some firms, like Circle Internet Financial, have opted to leave Ireland and return to the U.S.

Overall, the approval of Crypto.com as a VASP in Ireland signifies a significant milestone for the company and the country’s crypto industry. As more companies establish their presence in Ireland, the regulatory landscape and market opportunities continue to evolve.