Crypto.com Gets VASP License from Ireland’s Central Bank
Crypto.com, one of the biggest cryptocurrency trading platforms, has recently received a VASP license from the Central Bank of Ireland. The federal monetary authority issued a regulatory approval and certification to around 15 unique exchanges on 7th June 2024. The list of trading platforms included in this list are Gemini, Ripple, Crypto.com, Coinbase, and more.
Crypto.com will Operate as a Virtual Asset Services Provider
The Central Bank of Ireland (CBI) has granted regulatory licenses to various cryptocurrency trading platforms. The license qualifies the receiving firms to operate as virtual asset services providers (VASPs).
Crypto.com is included in the list as one of the major crypto trading platforms in the world in terms of trading volume. The firm announced on 11th June that the license will allow the trading platform to extend services in the region.
As a VASP, the trading platform will now offer various trading services within the jurisdiction of CBI namely crypto-to-fiat exchange and fiat custodian. President and COO Eric Anziani stated on the occasion that certificate indicates the commitment of the firm towards compliance and sought-after innovation.
He further stated that the firm was looking forward to offer an additional suite of trading services in Ireland.
Ireland Issues Licenses to 15 Crypto Trading Platforms
President and COO Anziani noticed that Crypto.com’s expansion in Ireland will allow native cryptocurrency investors to partake in one of the most comprehensive trading listings.
However, the platform has refrained from making any official declarations regarding its new role as the VASP in Ireland. The firm has joined the league of 15 additional trading platforms that have also gained the same certification from CBI on 7th June.
Coinbase is another firm in the same list that is now operating as a VASP. Other firms in the same category are Zodia by Standard Chartered, Paysafe, and others. Seven of the aforementioned firms in this category received their VASP license in 2023.
For 2024, the CBI issued an approval for the remainder of 4 companies that were inclusive of Foris DAX Global, Ramp Swaps, Fortuna Digital Custody, and Crypto.com.
However, regardless of the CBI becoming assuming the role of regulator for digital trading platforms in Ireland some are set to depart. Coinbase launched its services in Ireland and nominated the country as the bub for crypto innovation towards the end of last year.
The platform opened a wing in Ireland as a way to comply with the regulatory requirements of MiCA laws for the European region back in 2023.
Ireland to Spark a New Wave of Crypto Interest and Investments
The recent decision of CBI to become a registrar of VASPs has increased the interest in the cryptocurrency sector within Ireland.
Under this pretense, various firms such as Coinbase, Ripple, and Gemini have continued to operate in the region and expand services for local crypto investors as a way to relieve the mounting regulatory pressure in the United States.
However, there are some crypto projects such as Circle Internet Financial that has opted to take leave from the region. The firm is responsible for issuing the second-largest stablecoin in the work by market cap namely USDC. The stablecoin project in question has recently announced that it was shifting operations back to the United States and is to migrate out of Ireland as of May 2024.
A report issued by Ireland Independent indicates that scammers stole around 20 million euros from Irish banking consumers. This report posits that crypto investors in the country were more secure against scams in comparison to banking consumers.
The most common method used by the fraudster to frame banking consumers is through phone calls and emails. Irish Police are conducting a thorough investigation of tactics and strategies used by scammers from one of the apprehended suspect.
The regulators have managed to recover around 4 million euros from the stolen funds that were lost to banking scammers last year. Investigators in the region have confirmed that crypto investors are far less likely to be affected by scammers in comparison to consumers of traditional banking.
The authorities further projected that banking scams for the duration accounted for 95% of the overall scams during peak season.
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