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Standard Chartered-Backed Zodia Markets Gains Registration in Ireland
Ireland is emerging as an attractive destination for crypto firms; Coinbase designated the country as its EU hub earlier this month.
Updated Oct 27, 2023, 10:03 a.m. Published Oct 27, 2023, 10:03 a.m.
Zodia Markets, a digital asset exchange backed by Standard Chartered, has received registration as a Virtual Asset Service Provider (VASP) in the Republic of Ireland from the country's central bank.
The registration will allow Zodia Markets to offer over-the-counter (OTC) trading and exchange services to institutional clients, according to an emailed announcement on Friday.
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Having received similar permissions in the U.K. last year and in Abu Dhabi last month, the company now has a licensed entity in the European Union (EU). The forthcoming implementation of the EU's Markets in Cryptoassets Regulation (MiCA) will in theory make it easier for crypto firms licensed in one of the trading bloc's member states to acquire the necessary permissions to operate in the other 26.
Ireland has emerged as a popular destination for crypto firms to set up shop, possibly down to its favorable tax regime. Crypto exchange Coinbase (COIN) designated Ireland as its EU hub earlier this month.
Read More: Zodia Custody Looks to Drive Institutional Access to Polkadot Ecosystem
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Wat u moet weten:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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