Standard Chartered-Backed Zodia MArkets Receives VASP License In Ireland

Standard Chartered-Backed Zodia MArkets Receives VASP License In Ireland

Standard Chartered-backed digital asset exchange and brokerage platform Zodia Markets on Friday said it has received a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland.

Zodia received crypto exchange registration from the UK’s Financial Conduct Authority (FCA) in July 2022 and its In-Principle Approval (IPA) by Abu Dhabi Global Markets (ADGM) in September 2023.

Zodia Markets Gets VASP Registration in Ireland

Standard Chartered-backed Zodia Markets in a press release on October 27 revealed that it has received a Virtual Asset Service Provider (VASP) from the Central Bank of Ireland (CBI).

The registration enables Zodia Markets to offer OTC crypto trading and exchange services to institutional clients. It also allows the exchange to further deepen its position as a trusted digital asset trading platform in Europe. Zodia plans to continue its collaboration with European regulators and comply with regulations.

Michael Walsh, CEO of Zodia Markets Ireland and Head of Distribution, said:

“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.”

The move follows the implementation of the Markets in Cryptoassets Regulation (MiCA) in the EU. The MiCA is expected to go into effect at the end of 2024. It will become mandatory for crypto service providers to seek authority under the MiCA, allowing passport to offer its products and services in other EU member states.

Minister of State at the Department of Finance Jennifer Carroll MacNeill TD congratulates Zodia Markets on securing a VASP license, which is a result of meeting the strong and effective regulatory standards in Ireland.

Ireland is emerging as a key destination for crypto firms in Europe before the MiCA takes effect. Recently, Coinbase designated Ireland as an operational and regulatory hub as part of its continuing expansion and increasing crypto adoption.

Moreover, Ripple and other crypto firms also seeking licenses in Ireland and the UK for EU expansion.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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