Standard Chartered-backed Zodia Markets gets VASP registration in Ireland
Zodia Markets is a Standard Chartered-backed digital asset exchange and brokerage platform.
The company has announced its registration as a Virtual Asset Service Provider (VASP) by Ireland’s central bank.
Zodia is looking to position itself for European expansion amid the upcoming MiCA laws.
Zodia Markets, a digital asset exchange backed by Standard Chartered, is now registered as a Virtual Asset Service Provider (VASP) in Ireland.
An announcement by the company on Friday stated that the VASP approval was granted to Zodia Markets (Ireland) Limited by the Central Bank of Ireland (CBI). This follows similar registrations by the Abu Dhabi Global Markets (ADGM) and the UK’s Financial Conduct Authority (FCA) – in September 2023 and in July 2022 respectively.
Ireland is a burgeoning crypto market
Zodia Markets’ registration in Ireland means the company now has regulatory approval in the EU, with this allowing it to expand its services in Europe, including crypto exchange and OTC trading.
The milestone also aligns the platform with the upcoming implementation of EU’s comprehensive crypto laws, the Markets in CryptoAssets Regulation (MiCA) that’s expected to go into effect in the second half of 2024.
“VASP registration is an exciting development for Zodia Markets, and we’re delighted to be part of the burgeoning Irish digital assets ecosystem. The registration will act as a launchpad for the business to enter the EU, a market where we see significant opportunity and demand for our offering, and it paves the way for future MiCA authorisation when the regulations are implemented,” Michael Walsh, CEO of Zodia Markets Ireland, said.
Ireland continues to attract crypto companies amid the industry’s recognition of a supportive regulatory environment.
Coinbase, which has regulatory approval as an e-money institution and VASP in the country, recently announced that it had selected Ireland as its European hub. The US-based crypto giant first hinted at this move in 2020.
Another major crypto company registered in the country is Kraken, which has CIB approval as an e-money provider.
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