Crypto.com Makes Headlines With Its VASP License Approval in Ireland

banner-image

Crypto.com, a prominent cryptocurrency exchange has recently obtained approval as a Virtual Asset Service Provider (VASP) from the Central Bank of Ireland. 

New Dawn for Crypto.com In Ireland

This achievement allows the exchange to expand its services in Ireland, offering crypto-to-fiat exchanges and fiat wallets. According to the Central Bank of Ireland’s website, the company was included in the register on June 7 under the name Foris DAX.

The VASP license signifies that Crypto.com has robust compliance procedures, especially in areas such as anti-money laundering and combating the financing of terrorism (AML/CFT). 

The company has joined Coinbase, Ripple, and Gemini on the register as crypto firms compete to secure approval in EU countries to prepare for December. This is the period that the Markets in Crypto Assets (MiCA) legislation will come into full effect. 

These regulations in the EU allow companies with a crypto asset service provider license from any member state to operate in all 27 nations.

Crypto.com Secures License Globally 

The exchange’s attainment of licenses across various regions showcases its commitment to regulatory compliance and expansion. In 2023, the exchange’s arm in Dubai received full operational approval from the Virtual Assets Regulatory Authority (VARA) and was authorized as an electronic money institution in the UK. 

This significant milestone signifies Crypto.com’s adherence to local regulations, allowing the exchange to offer a broader range of financial services. 

Furthermore, its registrations in the Netherlands and Spain indicate its strategic presence in key European markets. This enables the company to cater to a wider audience and operate within the regulatory frameworks of these countries.

Last year, the exchange got an in-principle approval from the Monetary Authority of Singapore (MAS) and a Payment Institution Licence (EMI) from the Banco Central do, Brasil, respectively. However, the US institutional clients couldn’t use the services because of limited demand from institutional clients due to the market landscape at that time. 

Crypto.com Scores Big In The Sports Arena

The limitations on US institutional clients might have affected the exchange’s operations and growth in the United States for some time. 

However, this didn’t hinder the Singapore-based crypto exchange from making significant progress. The exchange has now surpassed 100 million users worldwide following its partnership with the Formula 1 Miami Grand Prix in May 2022. 

This collaboration in 2022 played a crucial role in the exchange’s success, especially with Visa Inc, FIFA’s official payment technology partner to launch an NFT called Master of Movement on the exchange’s NFT platform. 

 

June 22, 2024

Top US Rapper 50 Cent has seen a major exploit of..

June 22, 2024

Bitcoin's blockchain bandwidth usage has surged past 90% following the recent..

ads-image ads-image