Cryptocurrency exchange license in Ireland
Ireland is the ideal jurisdiction for crypto business and cryptocurrency trading in the European Union. BitEx, one of the oldest crypto service providers, is based in Ireland; Ireland is home to many of the world’s financial and information giants; Corporate taxation in Ireland is low at 12,5%.
More than 430 financial services companies operate in Ireland today, including 20 of the world’s 25 largest organizations.
Ireland’s unique ecosystem has led to the development of a world-class fintech sector that continues to grow every year. The country recently published a new Strategy for the International Financial Services Industry, Ireland for Finance, which sets out ambitious goals for the development of the IFS industry in Ireland and Dublin as a leading center for financial services.
Ireland is an excellent location for research, development and innovation as the country provides financial support, including tax breaks and financial assistance from IDA Ireland.
Virtual asset service providers authorized in Ireland are eligible to provide their services in other EU member states.
Regulation of cryptocurrency in Ireland
The Central Bank of Ireland is the regulatory body for all financial services companies in Ireland. Fintech companies based in Ireland benefit from simplified procedures, reduced red tape and low cost of ownership.
Money Laundering and Terrorist Financing Legislation (2021 Act)
Virtual Asset Service Providers (VASP) operating in Ireland are now subject to the Irish Anti-Money Laundering (AML) and Anti-Terrorist Financing (CFT) system and must register with the Central Bank of Ireland (CBI). These requirements came into effect on April 23, 2021
The 2021 law provides for a special registration regime for Virtual Asset Service Providers (VASP). Under the law, VASPs are firms that provide any of the following services related to virtual assets:
- exchange between virtual assets and fiat currencies;
- exchange between one or more forms of virtual assets;
- transfer of virtual assets, that is, conducting a transaction on behalf of another person who moves a virtual asset from one virtual asset address or account to another;
- virtual wallet service provider;
- participation and provision of financial services related to the issuance or sale of a virtual asset, or both.
All companies providing VASP services must register with the Central Bank in accordance with the Central Bank’s VASP registration regime.