Zodia Markets Receives VASP License, Expands into EU Market

Introduction

Zodia Markets, a digital asset exchange and brokerage platform backed by Standard Chartered, has announced that it has received a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. This comes after 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.

Offering OTC Crypto Trading and Exchange Services

With the VASP license, Zodia Markets is now able to offer over-the-counter (OTC) crypto trading and exchange services to institutional clients. This registration further solidifies Zodia's position as a trusted digital asset trading platform in Europe. The company plans to continue collaborating with European regulators and ensuring compliance with regulations.

Expanding into the EU Market

Michael Walsh, CEO of Zodia Markets Ireland and Head of Distribution, stated that the VASP license will serve as a launchpad for the business to enter the EU market. Zodia sees significant opportunities and demand for its offering in the EU and aims to obtain future MiCA authorization when the regulations are implemented. The Markets in Cryptoassets Regulation (MiCA) is expected to go into effect at the end of 2024, making it mandatory for crypto service providers to seek authority under MiCA in order to offer their products and services in other EU member states.

Ireland as a Crypto Hub

Ireland is becoming a prominent destination for crypto firms in Europe ahead of the MiCA implementation. Zodia Markets' VASP license is a testament to the strong and effective regulatory standards in Ireland. The country has attracted other major players in the crypto industry, such as Coinbase, which has designated Ireland as an operational and regulatory hub for its expansion and increasing adoption of cryptocurrencies. Ripple and other crypto firms are also seeking licenses in Ireland and the UK as part of their EU expansion plans.

Conclusion

Zodia Markets' acquisition of the VASP license from the Central Bank of Ireland marks a significant milestone for the company. With the ability to offer OTC crypto trading and exchange services, Zodia is well-positioned to cater to institutional clients in Europe. The license also opens doors for future expansion into the EU market and compliance with upcoming MiCA regulations. Ireland's emergence as a crypto hub further strengthens its position as a favorable destination for crypto firms in Europe.