Standard Chartered-backed crypto exchange and brokerage platform Zodia Markets has been registered as a virtual asset service provider by the Central Bank of Ireland.
The registration will allow Zodia Markets to offer over-the-counter trading and exchange services to institutional clients.
Zodia Markets, which has an office in Dublin, has ramped up its global expansion. In September, the crypto firm secured an in-principle approval from the Abu Dhabi Global Market.
READ Zodia Markets CEO Ahmad backs stablecoins for growth
Michael Walsh, chief executive of Zodia Markets Ireland, said that the Irish registration will act as a “launchpad” for the company to enter the EU market.
Jennifer Carroll MacNeill, Ireland’s minister of finance, said that the number of firms in the country’s regulated digital asset space is growing.
With the EU’s landmark Markets in Crypto Assets regulation due to take effect by December 2024, Ireland has become a key destination for global crypto firms.
READ Kraken eyes European growth after Irish authorisation
On 18 October, crypto exchange Coinbase announced that Ireland will serve as its European hub. The company already has an e-money institution licence and virtual asset service provider registration in the country.
In September, Kraken received authorisation from the Central Bank of Ireland to act as an e-money institution.
In a September interview with Financial News, Zodia Markets CEO Usman Ahmad said that EU has made significant progress on crypto regulation.
“If you look at the EU, things like extensive consultations, industry engagement, and using existing frameworks helped them develop the Markets in Crypto Assets Regulation,” Ahmad told FN at the time.
Rifts between global regulators continue, however, with jurisdictions like the US and UK continuing to take a tough line on how digital assets are marketed. The UK’s Financial Conduct Authority introduced new crypto promotions rules on 8 October, and has already found a host of issues with how firms are advertising their products.
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To contact the author of this story with feedback or news, email Bilal Jafar
