The Central Bank of Ireland (CBI) has given a nod to another major cryptocurrency company, Crypto.com, as a virtual asset service provider (VASP).
Crypto.com, one of the world’s largest crypto trading platforms, announced on June 11 that it had received VASP approval in Ireland. The approval allows Crypto.com to expand its offering in the country, including crypto-to-fiat exchanges and fiat wallets.
Crypto.com’s president and chief operating officer, Eric Anziani, said the approval shows the company’s commitment to compliance and responsible innovation.
“We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering,” the exec added.
Crypto.com declined to comment to Cointelegraph on the specifics of new crypto services enabled in Ireland with the latest VASP approval.
Ireland has approved 15 entities as VASPs
In obtaining the approval, Crypto.com joins several crypto firms regulated by the country’s central bank, including the United States-based crypto exchange Coinbase.
The full list of registered VASPs in Ireland features 14 entities as of June 7, including major industry firms like Ripple, the Winklevoss brothers’ Gemini exchange, MoonPay, Standard Chartered’s Zodia custody platform, Paysafe and others.
Seven companies on the list received approvals in Ireland in 2023. In 2024, the CBI approved four others, including Foris DAX Global, Fortuna Digital Custody, Ramp Swaps and Crypto.com.
Some crypto firms opted to leave Ireland
The Central Bank of Ireland’s approval of Crypto.com marks another milestone in the country’s growing interest in the crypto industry.
Coinbase, the largest crypto exchange in the U.S. by trading volumes, selected Ireland as its European crypto hub in late 2023.
Coinbase chose Ireland to help it comply with Europe’s major cryptocurrency regulatory framework, the Markets in Crypto-Assets Regulation.
Related: EU Innovation Hub criticizes privacy coins and crypto mixers in new report
Other major companies, including Ripple and Gemini, have also been cementing their presence in Ireland while facing issues from U.S. regulators.
On the other hand, Circle Internet Financial — the company behind the world’s second-largest stablecoin, USD Coin (USDC) — announced plans to return to the U.S. and move away from Ireland in May 2024.
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