TLDR
- Crypto.com has received approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP).
- The VASP approval allows Crypto.com to expand its services in Ireland, including crypto-to-fiat exchanges and fiat wallets.
- Crypto.com joins several other major crypto firms regulated by the Central Bank of Ireland, such as Coinbase, Ripple, Gemini, and MoonPay.
- The approval demonstrates Crypto.com’s commitment to compliance and responsible innovation, as it meets the standards for anti-money laundering and combating the financing of terrorism.
- Crypto.com serves a global customer base of 100 million people and aims to broaden its offering in Ireland with this new approval.
Crypto.com, a leading cryptocurrency exchange trusted by more than 100 million customers worldwide, has secured approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP).
This approval allows the company to expand its services in Ireland, including offering crypto-to-fiat exchanges and fiat wallets to its users.
The VASP registration indicates that Crypto.com meets the necessary compliance standards, such as implementing measures for anti-money laundering (AML) and combating the financing of terrorism (CFT).
These measures are crucial in the cryptocurrency industry, as digital assets have been known to be used for bypassing laws and sanctions.
Eric Anziani, President and COO of Crypto.com, expressed his excitement about the approval, stating,
“This approval from the Central Bank of Ireland is the latest testament to our 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.”
With this approval, Crypto.com joins a growing list of crypto companies regulated by the Central Bank of Ireland. As of June 7, 2024, the central bank has approved 15 entities as VASPs, including major industry players such as Coinbase, Ripple, Gemini, MoonPay, and Zodia.
Crypto.com’s approval comes amid the company’s rapid growth and expanding global presence. The exchange recently surpassed 100 million users globally, a milestone achieved since its inception in 2016.
This success is attributed to its recent marketing campaigns, partnerships with notable personalities, venues, and events, such as hosting NBA and NHL playoffs at the Crypto.com Arena and sponsoring the Formula 1 Crypto.com Miami Grand Prix.
The company has also been actively seeking regulatory approvals in various jurisdictions. In May, Crypto.com received a license from Dubai’s Virtual Assets Regulatory Authority to offer institutional crypto trading, with plans to expand its services for retail investors in Dubai.
