Zodia Markets, a digital asset exchange and brokerage platform backed by Standard Chartered, has recently achieved registration as a Virtual Asset Service Provider (VASP) in Ireland. The news was announced by the company on Friday, highlighting the approval granted by Ireland’s central bank, the Central Bank of Ireland (CBI). This registration follows similar approvals by the Abu Dhabi Global Markets (ADGM) in September 2023 and the UK’s Financial Conduct Authority (FCA) in July 2022.
With this latest registration, Zodia Markets now holds regulatory approval in the European Union (EU), allowing the platform to expand its services in Europe. This includes offering crypto exchange and over-the-counter (OTC) trading to customers. Furthermore, the registration aligns the platform with the upcoming implementation of the EU’s comprehensive crypto laws, the Markets in CryptoAssets Regulation (MiCA), expected to come into effect in the second half of 2024.
Zodia Markets views the VASP registration in Ireland as a significant development for the company and is eager to tap into the growing Irish digital assets ecosystem. Michael Walsh, CEO of Zodia Markets Ireland, sees this registration as a launchpad for entering the EU market, perceiving significant opportunities and demand for their services. Additionally, it paves the way for future MiCA authorization once the regulations are implemented.
Ireland continues to attract crypto companies due to its supportive regulatory environment. Coinbase, a renowned US-based crypto giant, recently announced that it had chosen Ireland as its European hub. The company already enjoys regulatory approval as an e-money institution and VASP in the country. Similarly, Kraken, another major crypto firm, is registered in Ireland and holds approval from the Central Bank of Ireland as an e-money provider.
Overall, the VASP registration in Ireland marks an important milestone for Zodia Markets, granting them regulatory approval in the EU and positioning them for expansion in Europe. As the implementation of the MiCA regulations approaches, Zodia is well-positioned to comply with the new rules and capitalize on the growing demand for digital asset services in the region.