Regulatory compliance plays a huge role in deciding the exchange we trade on. Most crypto exchanges have run into trouble with regulators for failing to register their activities.
Thankfully, a lot of exchanges are working towards improving compliance. Crypto.com has announced its registration as a virtual asset service provider in Ireland.
Crypto.com Registers as a Virtual Asset Provider in Ireland
This registration enables the exchange to operate legally within the European Union. The Central Bank of Ireland’s website shows that CRYPTO.COM was registered under the name Forix DAX.
statement from the exchange revealed that it would now be able to offer services such as fiat wallets, and crypto-to-fiat exchanges. Crypto.com’s president and chief operating officer, Eric Anziani, remarked that “this approval from the Central Bank of Ireland is the latest testament to our commitment to compliance and responsible innovation.”
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Anziani said: “We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering.”
Getting Ready for MiCA
With this approval, Crypto.com became one of the crypto companies that the Irish central bank regulates, along with Coinbase. As of June 7th, there were 14 corporations on the complete list of registered VASPs in Ireland. These include well-known companies in the crypto sector, such as Ripple, Gemini Exchange, Pay Safe, MoonPay, and others.
These companies vie to secure approval in EU countries. And prepare for the implementation of the MiCA regulation later this year. EU laws are clear and easy for firms that secure licenses in any member state. Such firms can operate in all 27 countries.
Crypto.com has successfully secured licenses in other regions, including Dubai. The exchange recently received full operational authority from Dubai’s regulatory body. In addition, the exchange is legal in the Netherlands and Spain. It also has a license as an electronic money institution from the United Kingdom.
