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Hey folks.
The industry of crypto continues to expand in Ireland as the Central Bank of Ireland (CBI) granted Virtual Asset Service Provider (VASP) approval to crypto.com lately.
The acquisition of VASP by crypto.com will enable it to expand its services and offering the country which will include crypto-to-fiat exchanges and fiat wallets.
With this most recent permission, Crypto.com becomes one of the few cryptocurrency companies that the Central Bank of Ireland regulates. Several well-known companies in the sector, like Coinbase and Ripple, are currently on the list of VASPs that are registered in Ireland.
As of June 7, the country has accepted 15 entities as VASPs, that shows the progressive stance towards the regulation of digital assets. In the year 2014, the Central Bank of Ireland (CBI) approved four new VASPs which include Crypto.com and others.
While a lot of cryptocurrency companies are establishing themselves in Ireland, some have decided to leave the sector. The firm that created USD Coin (USDC), Circle Internet Financial, declared that it will be leaving Ireland and returning to the US in May.
Major corporations like Coinbase, which chose Ireland as its European cryptocurrency hub in order to comply with the Markets in Crypto-Assets Regulation (MiCA), continue to be drawn to the nation in spite of this.
Crypto.com shared that it has achieved full operational approval from the Virtual Assets Regulator Authority (VARA) in its entity in Dubai and will start services targeting institutional investors.
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