Zodia Markets, a digital asset exchange and brokerage platform backed by Standard Chartered, has achieved a significant milestone. The Central Bank of Ireland has registered them as a Virtual Asset Service Provider (VASP). Consequently, this registration solidifies the firm’s foothold in the European Union (EU) region.
Michael Walsh, Zodia Markets Ireland Chief Executive, expressed his enthusiasm about the development. “The burgeoning Irish digital assets ecosystem is an exciting landscape, and being a part of it is monumental for us,” he stated. Furthermore, he emphasized that the Irish central bank’s registration is pivotal since It is a launchpad for Zodia Markets’ ventures into the expansive EU market.
The Implications and the Future
Besides the Irish recognition, Zodia Markets secured crypto asset registration from the UK’s Financial Conduct Authority in July 2022. Additionally, their recent accolades include permissions in Abu Dhabi. Hence, the firm is now strategically positioned in the EU.
Significantly, the company anticipates leveraging the upcoming Markets in Cryptoassets Regulation (MiCA) in the EU. This regulation, set to take effect by the end of 2024, will streamline authorizations for crypto asset service providers. However, Andrew Price, Zodia Markets Chief Compliance Officer, clarified current limitations.
“While we cannot solicit clients from other EU countries under the VASP registration, the MiCA framework will change this. We’re gearing up for that harmonized regulatory regime,” he explained.
Moreover, Ireland’s emerging reputation as a prime location for digital asset firms further bolsters Zodia Markets’ strategic move. Recently, notable crypto exchange Coinbase also identified Ireland as its EU hub, possibly due to its favorable tax environment.
Zodia Markets’ recent registration in Ireland is a testament to its commitment to European regulatory collaboration and compliance. With eyes set on the broader EU market, the firm is poised for significant expansion in the coming years.
