Crypto.com has recently received approval from the Central Bank of Ireland, allowing the company to operate as a Virtual Asset Service Provider (VASP) in the country. This approval will enable Crypto.com to expand its services, including crypto-to-fiat exchanges and fiat wallets.
This approval places Crypto.com among a select group of crypto firms regulated by the Central Bank of Ireland, alongside industry giants such as Coinbase, Ripple, Gemini exchange by the Winklevoss brothers, MoonPay, and Zodia custody platform by Standard Chartered. Ireland has approved a total of 15 entities as VASPs, demonstrating its progressive approach towards digital asset regulation.
Despite some crypto firms choosing to exit the Irish market, Ireland continues to attract major players like Coinbase, who have established the country as their European crypto hub to comply with the Markets in Crypto-Assets Regulation (MiCA).
In addition to their approval in Ireland, Crypto.com’s Dubai-based entity has also received full operational approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. This will allow Crypto.com to offer services aimed at institutional investors. Furthermore, Crypto.com has obtained other important licenses from regulatory authorities in Singapore and France, as well as the UK’s Financial Conduct Authority (FCA).
Crypto.com’s future plans include launching new products for retail customers, such as the Crypto.com App. They are also continuing to expand their services in other regions to cater to a wider range of customers.