Crypto.com clears Irish anti-money laundering regulatory hurdle – The Irish Times

The Irish subsidiary of Crypto.com, a Singapore-based crypto asset exchange operator, has become the latest entity to clear a major regulatory hurdle in the Republic, bringing it under the supervision of the Central Bank of Ireland to ensure compliance with anti-monetary regulations. regulations on laundering and financing of criminal activities.

The regulator has authorized the company, which allows users to buy and trade bitcoin and other crypto tokens on its platform, as a virtual asset service provider (VASP).

This means that the Central Bank is satisfied that Crypto.com’s Irish subsidiary has effective policies and controls in place to enable it to meet its anti-money laundering and anti-crime financing obligations under Irish and European law.

The license will enable the company to provide certain digital asset services to customers in the Republic, including cryptocurrency-to-fiat currency exchanges and fiat currency wallets.

In a statement on its website, Crypto.com president and chief operating officer Eric Anziani said: “This approval from the Central Bank of Ireland is the latest testament to our commitment to regulatory compliance and responsible innovation. We are excited to expand our offering in Ireland, enabling consumers to benefit from the most comprehensive range of crypto products.”

The recently filed financial statements of Foris Dax Global, which owns the Crypto.com name in the Republic and is registered at its office in Dundrum Business Park, Dublin 14, did not include any details on staffing levels.

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In response to questions, the company refused to comment on the current employment status in Republika. However, VASP authorized entities are required to employ a minimum number of staff in their jurisdiction to ensure continued compliance with EU anti-money laundering and crime financing rules.

The company, one of the main European entities of the Hong Kong-founded Foris group after establishing a base here in 2021, reported an almost 80% decline in revenue in 2022 as trading volumes and asset prices fell in the wake of a series of industry changes and wide scandals.

It said revenue from fees charged to customers for exchanging crypto assets on the Crypto.com platform fell by 86 percent to €25.1 million during the year.

Asked if it plans to increase its workforce in Republic, a Crypto.com spokeswoman said the company is looking to hire globally to support its market share growth in recent months. “Since November 2023, we have welcomed hundreds of new employees to Crypto.com with plans to continue hiring.”

Perhaps best known for its forays into sports branding, Crypto.com acquired the naming rights to Staples Center, home of the Los Angeles Lakers National Basketball Association (NBA) team, in 2021 and renamed it the Crypto.com arena. It is also a jersey sponsor of the Philadelphia 76ers in the NBA and a partner of Paris St-Germain FC and the Miami Grand Prix in Formula 1.