In a June 11 report, Crypto.com was pleased to announce the approval of the Virtual Assets Service Provider (VASP) registration in Ireland. The crypto exchange stated that the Central Bank of Ireland (CBI) approved its VASP early this week.
Obtaining the VASP allows Crypto.com to expand its market presence in Ireland. The exchange is expected to offer diverse crypto-to-fiat exchange services and wallets. The approval of VASP in Ireland aligns with the objective of Crypto.com, which is to operate as a compliant firm.
Crypto.com Secure VASP License in Ireland
The Singaporean crypto exchange has remained committed to complying with the global standards, including the anti-money laundering (AML) requirement and terrorism financing rules.
Besides the endeavor to become a complaint exchange, Crypto.com prioritized customers’ needs. Crypto.com has a sustainable client base serving over 100 million users globally.
A statement from Crypto.com chief operating officer Eric Anziani revealed that the approval of VASP in Ireland demonstrated the company’s commitment to enhance compliance. The executive confessed that Crypto.com has been pushing for the responsible use of innovation.
Therefore, Anziani believes that entrants of Crypto.com to the Irish market will enable investors to buy and sell comprehensive crypto products. The approval came months before implementing the demand for crypto assets (MiCA) rules in the European Union, which is expected to simplify cross-border trade.
Attractiveness of Ireland Crypto Market
In readiness for the MiCA rules, fast-paced crypto exchanges, including Coinbase, Gemini, and Ripple, have expanded to Ireland. Crypto.com will join crypto exchanges to offer crypto products to Irish users.
Apart from Ireland, Crypto.com has obtained VASP licenses in France, Singapore, Dubai, Australia, and Spain, among other countries. The approval of the Crypto.com license demonstrates Ireland’s commitment to promoting crypto-asset adoption.
In 2023, the country’s apex bank approved seven crypto firms to operate in the region. Ireland has posed as a crypto-friendly country in the EU. Last year, the Coinbase team revealed plans to establish its crypto hub in Ireland.
The Coinbase team stated that Ireland has a pleasant business environment for fintech companies. Its expansion to Ireland demonstrated Coinbase’s commitment to expand its European market presence ahead of MiCA regulations.
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