The Central Bank of Ireland (CBI) has granted approval to Crypto.com, a major cryptocurrency company, as a virtual asset service provider (VASP). This approval, announced by Crypto.com on June 11, allows the company to enhance its services in Ireland, including crypto-to-fiat exchanges and fiat wallets.

The president and chief operating officer of Crypto.com, Eric Anziani, highlighted the significance of this approval, emphasizing the company's dedication to compliance and innovative practices. He expressed enthusiasm about expanding the company's offerings in Ireland to provide consumers with a comprehensive range of crypto products.

Ireland has sanctioned a total of 15 entities as VASPs, with Crypto.com becoming part of the regulated crypto firms approved by the country's central bank. Notable entities on the list include Coinbase, Ripple, Gemini exchange operated by the Winklevoss brothers, MoonPay, Zodia custody platform by Standard Chartered, and Paysafe.

The listing showcases a variety of VASPs authorized by the Central Bank of Ireland, with the majority of approvals, including Crypto.com, granted in 2023 and 2024. Additionally, the approval of Crypto.com underscores Ireland's increasing interest in the crypto industry.

Coinbase's selection of Ireland as its European crypto hub in 2023 aligned with the region's emphasis on complying with the Markets in Crypto-Assets Regulation (MiCA), a significant regulatory framework in Europe. This move by Coinbase highlighted the importance of regulatory compliance in the crypto sector.

Key players like Ripple and Gemini have also strengthened their presence in Ireland amid regulatory challenges in the United States. However, Circle Internet Financial, the company behind the USDC stablecoin, reversed its strategy by opting to relocate back to the U.S. from Ireland in May 2024.

Overall, the approval of Crypto.com by the Central Bank of Ireland signifies a pivotal development in the country's evolving crypto landscape, reflecting the growing recognition of virtual asset service providers within Ireland's regulatory framework.