Singapore-based cryptocurrency exchange Crypto.com announced on 11th June that its application to be a Virtual Asset Service Provider(VASP) was approved by Ireland's Central Bank, marking a significant milestone as it gives the exchange full clearance into the competitive crypto landscape in the country.
The approval followed a rigorous assessment of regulations compliance, Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) measures, and other requirements deemed fit by the Central Bank.
Crypto.com's Chief Operating Officer and President, Eric Anziani, announced the approval in a celebratory post on X while affirming the company's achievement: “Today I am glad to announce that we have been granted Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland. This approval is the latest testament to our commitment to compliance and responsible innovation.”
Possible Implications
Obtaining VASP licensing in Ireland is just a step in the company's ultimate plan of expanding Crypto.com's coverage over many countries. It also ensures that the exchange is eligible to operate in all European Union (EU) twenty-seven nations as soon as the bloc's Markets in Cryptocurrency Assets (MiCA) legislation becomes legally approved.
Notably, Crypto.com will join the likes of Ripple, Gemini, and Coinbase in offering crypto-to-fiat exchanges and fiat wallets once the market attains comprehensive operation status in December.
Crypto.com Hunger For Global Expansion
Before receiving approval in Ireland, the exchange had announced its membership in Adan, an association for professionals working in cryptocurrencies and blockchain across Europe and France.
Also, recently, the trading platform was listed alongside ten other exchanges to be among the eleven trading platforms out of over twenty nearing a potential Hong Kong market return.
Crypto.com continues to adapt to the highly variable regulatory structures across different countries, hoping to attain global coverage while improving its range of services to its customers.
