An Irish subsidiary of Crypto.com, the Singapore-based crypto asset exchange operator, has become the latest entity to clear an important regulatory hurdle in the Republic, bringing it under the Central Bank of Ireland’s supervision for the purposes of compliance with anti money-laundering and criminal financing rules.
The regulator has authorised the company, which allows users to buy and trade bitcoin and other crypto tokens on its platform, as a Virtual Asset Service Provider (VASP).
It means that the Central Bank is satisfied that Crypto.com’s Irish subsidiary has effective policies and controls in place to meet its anti-money laundering and criminal financing obligations under Irish and European law.
The licence will allow the company to provide some digital asset services to customers in the Republic including crypto to fiat currency exchange transactions and fiat currency wallets.
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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 compliance and responsible innovation. We are excited to broaden our offering in Ireland, enabling consumers to engage with the most comprehensive crypto product offering.”
Recently filed accounts for Foris Dax Global, which owns the Crypto.com business name in the Republic and is registered at an office in Dundrum Business Park in Dublin 14, did not provide any detail about staffing levels.
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In response to questions, the company declined to comment on its current headcount in the Republic. However, VASP-authorised entities are required to have a minimum number of employees working in the jurisdiction to ensure its continued compliance with EU anti money-laundering and criminal financing rules.
The company, one of the Hong Kong-founded Foris group’s main European entities after it established a base here in 2021, reported a nearly 80 per cent drop in revenues for 2022 amid a collapse in trading volumes and asset prices following a number of industry-wide scandals.
It said revenues from the fees it charges customers to exchange crypto assets on the Crypto.com platform slumped by 86 per cent to €25.1 million in the year.
Asked whether it plans to increase its pool of staff in the Republic, a spokeswoman for Crypto.com said the company is hiring globally to support an increase in its market share over recent months. “Since November 2023, we have welcomed hundreds of new staff members to Crypto.com, with plans for further hiring.”
Perhaps best known for its forays into sports branding, Crypto.com acquired the naming rights to the Staples Centre, home to the Los Angeles Lakers National Basketball Association (NBA) team, in 2021 and renamed it the Crypto.com arena. It is also the jersey sponsor for the Philadelphia 76ers in the NBA and has partnered Paris St-Germain FC and the Miami Grand Prix in Formula One.
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