HashKey Europe, the European branch of Hong Kong’s cryptocurrency exchange, is expanding its presence in Ireland by obtaining a virtual asset service provider (VASP) license from the Central Bank of Ireland, as announced on January 7.
In Ireland, all crypto service providers must register with the Central Bank to comply with the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations set forth by the European Union’s Fifth Anti-Money Laundering Directive (AMLD5). The recent implementation of the Markets in Crypto-Assets Regulation (MiCA) requires all existing crypto service providers to obtain a Virtual Asset Service Provider (VASP) license by March 2025. This licensing allows companies like HashKey to offer various crypto services, including fiat-to-crypto and crypto-to-crypto exchanges, custodial wallet services, and virtual asset transfers on behalf of clients.
The Central Bank of Ireland mandates VASP approval for entities facilitating the offer or sale of virtual assets. HashKey views Ireland as a key market for expanding its international footprint. In addition to its operations in Ireland, the exchange holds licenses in Bermuda and several Asian countries, including Hong Kong, Singapore, and Japan.
Similarly, Crypto.com obtained regulatory approval from the Central Bank of Ireland to provide a comprehensive suite of cryptocurrency services, such as crypto-to-fiat exchanges and wallets. The approval follows an in-depth assessment of the exchange’s anti-money laundering (AML) and combating the financing of terrorism (CFT) practices. Eric Anziani, the company’s President and COO, expressed enthusiasm about the expansion in Ireland, emphasizing their dedication to compliance and responsible innovation.
In alignment with broader European efforts, Ireland collaborated with EU regulatory bodies to adopt the Markets in Crypto-Assets (MiCA) regulation, emphasizing a unified approach across Europe’s crypto sector. Central Bank Deputy Governor Derville Rowland highlighted the importance of this framework during her speech at the AFME’s Annual European Compliance and Legal Conference in September 2024, noting Ireland’s commitment to continuous improvement and a stable regulatory environment once fully implemented.
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