In simple terms, the Irish Central Bank has given its approval for HashKey Europe, a branch of the cryptocurrency exchange based in Hong Kong called HashKey, to operate as a Virtual Asset Service Provider (VASP).
On the 7th of January, HashKey Group revealed their plan for market growth by securing a VASP registration approval from Ireland’s central bank.
Crypto service providers operating in Ireland must register with their central bank as per the requirements of the European Union’s Fifth Anti-Money Laundering Directive (AMLD5), which includes implementing measures to combat Money Laundering (AML) and the Financing of Terrorism (CFT).
Ireland permits numerous crypto services with VASP license
As a researcher, I’m excited to share that the approved VASP (Virtual Automated Stock Purchase) license empowers us at HashKey to provide an array of cryptocurrency services tailored for our clients. These include facilitating fiat-to-crypto and crypto-to-crypto exchanges, ensuring secure custodial wallet services, and acting as an intermediary for the transfer of virtual assets on behalf of others.
In addition, the Central Bank of Ireland demands that any entity involved in facilitating an issuer’s offer or sale of a digital asset must obtain approval as a Virtual Asset Service Provider (VASP).
1) The cryptocurrency platform views Ireland as a crucial market for expanding its global reach. Furthermore, HashKey has obtained operational permits not only in Bermuda, but also in various Asian nations such as Hong Kong, Singapore, and Japan.
Starting from December 30, 2024, the implementation of crypto licenses will take effect, prompted by the new Markets in Crypto-Assets Regulation (MiCA). Consequently, existing crypto service providers have a window of three months to submit their applications for VASP registration.
Enabling crypto innovation through MiCA regulatory compliance
Firms functioning under the old Virtual Asset Service Provider (VASP) regime can carry on their operations for a maximum of 12 months, or until they receive approval or rejection for their new Certified Anti-Money Laundering and Combating Financing of Terrorism Supervisor (CASP) authorization, whichever comes first.
Previously, Derville Rowland, the deputy governor at the Central Bank of Ireland, stated that MiCA regulations provide local financial institutions with the blueprint to foster financial inclusion and democratize finance. To elaborate further, she explained…
“Innovation has brought in new entrants, new products and new ways of serving customers and the economy. As a result, technological innovation continues to be a focus for the central bank.”
As per Rowland’s explanation, Ireland’s approach to implementing MiCA (Markets in Crypto-Assets) primarily concentrates on two key areas:
1. Enhancing cooperation and uniformity across other European Union member states and the European Supervisory Authorities. This is aimed at fostering a harmonious regulatory environment.
2. Ameliorating the authorization process by encouraging active participation from the industry. The goal here is to ensure a more efficient and effective approval procedure.
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2025-01-07 10:44