Photo credit: Freepik

Cryptocurrency exchange Crypto.com has secured a virtual asset service provider (VASP) approval from the Central Bank of Ireland, the company announced on June 11.

According to the announcement, the permit will allow the centralized exchange to further its offering in the jurisdiction, including crypto-to-fiat exchanges and fiat wallets.

Eric Anziani, president and COO of Crypto.com, described the Irish approval as a “testament to our commitment to compliance and responsible innovation.” He expressed his excitement to expand the exchange’s offering in Ireland, which will enable users access to a comprehensive crypto product offering.

According to the Central Bank of Ireland’s register, Crypto.com registered on June 7 under the name Foris DAX Global Limited.

The company joins other major crypto companies in setting up operations and getting registered in the European Union (EU) nation ahead of the Markets in Crypto Assets (MiCA) legislation, which is set to go into full effect in December.

MiCA is a comprehensive regulatory framework for crypto-assets in the EU. It aims to standardize regulations, promote market integrity, and protect consumers by introducing a single licensing regime for crypto-asset service providers (CASPs). Compliance with MiCA’s requirements will be mandatory for CASPs upon its full implementation.

Read more: OKX launches local trading platform, Web3 wallet in the Netherlands

Among those registered in Ireland is crypto exchange Gemini, which in May last year chose Dublin as the headquarters for its European operations. In October, Coinbase also selected Ireland as its hub as it strengthens its presence in Europe and to comply with the EU’s MiCA.

Blockchain company Ripple also obtained a license from Ireland’s central bank last year to offer a range of crypto services, including exchanging crypto for traditional currencies, facilitating trades between different cryptocurrencies, and providing secure storage solutions.

Crypto.com has received regulatory approvals across the globe. Recently, the company’s Dubai entity, CRO DAX Middle East FZE, secured full operational approval from the city’s Virtual Assets Regulatory Authority (VARA). It also has registrations in Singapore, France, South Korea, Australia, and the United Kingdom, among other jurisdictions.

Read more: Hex Trust secures another Dubai license for broker-dealer services