Zodia Markets, sponsored by Standard Chartered, has obtained a VASP license from the Central Bank of Ireland in light of the MiCA regulation.
Digital asset exchange and brokerage platform Zodia Markets, sponsored by Standard Chartered, announced on Friday that it has received a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland.
The UK’s Financial Conduct Authority (FCA) registered Zodia as a cryptocurrency exchange in July 2022, and Abu Dhabi Global Markets (ADGM) granted its In-Principle Approval (IPA) in September 2023.
Zodia Markets Obtains VASP Registration in Ireland
Standard Chartered-backed Zodia Markets, in a press release dated October 27, disclosed that it has been granted a Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland (CBI).
The registration enables Zodia Markets to offer institutional clients OTC crypto trading and exchange services.
It also enables the exchange to strengthen its position as a reputable trading platform for digital assets in Europe.
Zodia intends to continue collaborating with European regulators and adhering to all applicable regulations.
Michael Walsh, CEO and Head of Distribution of Zodia Markets Ireland, stated:
“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 action follows the EU’s Markets in Cryptoassets Regulation (MiCA) implementation.
The MiCA is anticipated to become effective by the end of 2024. It will become mandatory for crypto service providers to obtain MiCA authorization, allowing them to offer their products and services in other EU member states.
Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance, congratulates Zodia Markets on obtaining a VASP license due to meeting Ireland’s stringent and effective regulatory requirements.
Meanwhile, before implementing the MiCA, Ireland is becoming a prime location for crypto firms in Europe.
Coinbase recently designated Ireland as its operational and regulatory center as part of its ongoing expansion and rising cryptocurrency adoption.
In addition, Ripple and other crypto companies are pursuing licenses in Ireland and the United Kingdom for EU expansion.
