Crypto.com Gains Approval From Central Bank of Ireland

The Central Bank of Ireland has approved 15 different VASPs from June 7, 2024, including Crypto.com, Coinbase, Gemini, Ripple and others

Another significant cryptocurrency business, Crypto.com, has received approval from the Central Bank of Ireland (CBI) to operate as a virtual asset service provider (VASP).

One of the biggest cryptocurrency trading platforms globally, Crypto.com, declared on June 11 that it has obtained VASP approval in Ireland. With this approval, Crypto.com can now offer nationwide fiat wallets and cryptocurrency-to-fiat trades.

According to Eric Anziani, president and chief operating officer of Crypto.com, the clearance demonstrates the business’s dedication to responsible innovation and compliance.

The executive continued, “We are thrilled to expand our offering in Ireland and give customers access to the most extensive selection of cryptocurrency products.”

Regarding the details of the new cryptocurrency services made available in Ireland with the most recent VASP license, Crypto.com declined to comment to Cointelegraph.

Ireland has granted 15 organizations VASP approval. With this approval, Crypto.com has become one of the cryptocurrency companies the nation’s central bank oversees, along with Coinbase, an American cryptocurrency exchange.

As of June 7, were 14 corporations on the complete list of registered VASPs in Ireland. These include well-known companies in the industry, such as Ripple, the Winklevoss brothers’ Gemini exchange, MoonPay, Standard Chartered’s Zodia custody platform, Paysafe, and others.

In Ireland, seven of the listed firms were granted clearance in 2023. Four more, Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com, were approved by the CBI in 2024.

Certain crypto companies chose to depart from Ireland.
Another significant development in the nation’s expanding interest in cryptocurrency is the Central Bank of Ireland’s acceptance of Crypto.com.

In late 2023, Coinbase—the biggest cryptocurrency exchange in the United States based on trade volume—chose Ireland as its European center.

Coinbase selected Ireland as a compliance partner for the Markets in Crypto-Assets Regulation, Europe’s main cryptocurrency regulatory framework.

Major corporations such as Ripple and Gemini have been strengthening their foothold in Ireland while encountering challenges from U.S. regulatory bodies.

However, Circle Internet Financial, the business behind USD Coin USDC $1.00, the second-largest stablecoin in the world, has stated that it will be leaving Ireland in May 2024 and moving back to the United States.