TronWeekly

Crypto World News

You are here: Home / Archives for Ireland

Ireland

Ripple Gains VASP Status in Ireland

by

Ripple, the blockchain company, has achieved recognition as a virtual asset service provider [VASP] by the Central Bank of Ireland [CBI]. This designation empowers the decentralized platform to offer specific digital asset services within Ireland. Furthermore, Ripple’s Irish subsidiary is poised to extend its services to clients across the European Economic Area once the Markets in Crypto Assets Regulation [MiCA] takes effect by the end of 2024, subject to the acquisition of the requisite licenses.

MiCA is the EU’s attempt at bringing a pan-European regulatory framework for crypto companies. It aims to protect investors who are buying and selling crypto assets like Bitcoin and Ethereum. The rules will allow crypto firms to use one license in one country to operate across all 27 EU member states.

Ripple
Ripple Gains VASP Status in Ireland 2

Eric van Miltenburg, Senior Vice President of Strategic Initiatives, expressed the significance of this development, stating, “The Central Bank of Ireland’s addition of Ripple Markets to its list of registered virtual asset service providers is a significant step forward for our business in the region.”

He emphasized Ireland’s positioning as a supportive jurisdiction for the virtual asset industry, making it an ideal operational base for Ripple within the EU regulatory framework. Miltenburg noted that Ireland’s commitment to providing regulatory clarity contributes to bolstering confidence in the digital assets, payments, and fintech ecosystem.

Having established its Dublin office in 2022, Ripple has redirected its focus beyond the United States due to stricter regulatory measures at home. The company has already initiated partnerships in France and Sweden.

Ripple’s Historic Win

Ripple has been entangled in a fierce legal battle with the U.S. Securities and Exchange Commission [SEC] since December 2020. In July 2023, the firm achieved a partial victory when a judge ruled that it did not violate securities laws by selling XRP to exchanges and enabling retail buyers to invest. However, the judge also determined that Ripple did breach the law when selling tokens directly to institutions.

A noteworthy development occurred in October 2023 when the SEC dropped its securities law violation charges against Ripple executives Brad Garlinghouse and Chris Larsen. This event marked a pivotal moment not just for the crypto firm but also for the entire cryptocurrency industry, showcasing evolving dynamics in the regulatory landscape.

Coinbase’s Ireland Decision: A Response to Growing U.S. Regulatory Pressure

by

Coinbase, the cryptocurrency exchange, has selected Ireland as its primary operational and regulatory center within the European Union, according to an exclusive interview with CNBC. Coinbase has officially applied for a license under the upcoming Markets in Crypto-Assets (MiCA) regulation of the EU, slated to take effect by December 2024, with the Central Bank of Ireland. The company has maintained an office in Dublin since 2018 and currently employs approximately 100 individuals in Ireland.

Upon approval, Coinbase will secure a comprehensive “MiCA license” in Ireland, allowing it to “passport” its services into various EU countries such as Germany, France, Italy, the Netherlands, and others. This streamlined approach will enable this crypto exchange to introduce new products in these markets without the need to seek individual licenses in each respective country. This crypto exchange expresses confidence in its ability to obtain this license.

Nana Murugesan, Coinbase’s Vice President of International, stated in an interview with CNBC earlier this week that the company aims to be operational with its MiCA license from the very beginning.

Coinbase to Launch Products in EU

According to Murugesan, Coinbase might even consider introducing new products in Europe before introducing them in the United States. He sees the European Union as a testing ground for exploring practical applications of cryptocurrencies that people can use in their everyday lives, such as payments and transactions, as opposed to just trading, as he explained to CNBC.

He further stated, “With the MiCA framework and the clarity it provides, it allows us to foster innovation. Consequently, we anticipate that some of these everyday use cases will debut in the EU initially.”

Daniel Seifert, Coinbase’s Vice President for Europe, the Middle East, and Africa (EMEA), also mentioned that the company is actively exploring collaborations with other payment service providers to facilitate users’ access to digital tokens through Coinbase. He added, “There are numerous exciting initiatives for the region that we will witness in the upcoming weeks and months.”

Gemini lands in Ireland with its crypto services

by

Numerous cryptocurrency businesses, Gemini per se, have been strutting their stuff in Europe. While many people believe that Europe may become the next hotspot for cryptocurrencies, another exchange joined the Euro bandwagon. Gemini, the Winklevoss twins’ exchange, has succeeded in getting approval from Irish regulators.

Recent rumors claim that Gemini has started offering cryptocurrency trading and custody services to Irish citizens. The exchange’s most recent action comes a few months after the Central Bank of Ireland gave its blessing.

unnamed

Now, users in Ireland can buy cryptocurrency through the exchange’s website or the mobile app. Over 100 cryptocurrencies are available for users to deposit or trade. You can buy cryptocurrency assets using either Euro [EUR] or British Pounds [GBP].

Additionally, Irish customers will be able to buy cryptocurrency via Apple Pay, Google Pay, debit cards, or even bank transfers.

Gillian Lynch Head of Ireland and Europe at Gemini further stated,

“Financial institutions, fintech, and other corporations in Ireland now have access to Gemini’s institutional-grade, a crypto-native platform through which they can access custody, clearing, trade execution, price discovery, and portfolio management services, all in one place.”

Gemini Garners Central Bank approval

As reported earlier, Gemini received the central bank’s blessing back in July. The exchange thereafter became Ireland’s first authorized provider of virtual assets.

Elaborating on the exchange’s latest move, Lynch stated,

“Ireland is an internationally recognized finance and technology hub that serves as a gateway to the wider European fintech market. We are excited to service the strong demand for accessible and secure crypto services among the highly educated and tech-literate consumer base here.”

She added that the exchange’s foray into the Irish market was built on “proactive and positive engagement” with the local regulators.

A number of platforms have been testing the waters in Europe, including Binance, Crypto.com, Coinbase, and others. Therefore, Gemini’s most recent action was not unexpected. The aforementioned discussions are likely to include Ireland in the upcoming days as well.

Ireland Bans Political Parties From Accepting Crypto Donations

by

Ireland has introduced election measures that make it illegal for political parties to accept crypto donations.

To fight possible Russian cyber-interference in Ireland’s democracy, new laws on political integrity will be implemented.

As part of a legislative overhaul, foreign contributions would be restricted, and parties will ultimately be compelled to declare all property holdings.

Ireland’s Local Government Minister, Darragh O’Brien, wrote to party leaders detailing a variety of steps he is adopting to resist foreign meddling in Irish elections.

The reforms include safeguards against disinformation campaigns on social media that might sway elections, as well as new legislation limiting how and from whom political parties can obtain funds.

All political parties must now be able to submit consolidated accounts that follow international accounting standards and best practices. In addition, party leaders will be required to sign certifications stating that they are in conformity with the new fundraising regulations.

Ireland has a past with Russia

O’Brien presented the Russian invasion of Ukraine as an example of how hazardous politically-charged disinformation is to democracies throughout the world.

“The heinous invasion of Ukraine and the devious misinformation campaign underline the basic vulnerabilities that all democracies face,” he stated.

In January 2022, O’Brien launched his policy reform campaign by directing Attorney General Paul Gallagher to assemble a task group of lawyers and political scientists to “construct a legal and digital bulwark against malicious influence in our elections.”

Russia’s meddling in Ireland recently has been subtle but considerable. In 2018, the government enacted emergency laws to prevent the Russian Embassy in Dublin from expanding further. Commentators speculated that the building was to house signals intelligence infrastructure.

The Conti assault, which entered the Health Service Executive (HSE) and knocked its computer systems offline in May 2021, demonstrates how a decline in broader security may impact Irish society in unanticipated ways.

The incident was alleged to have been carried out by the Wizard Spider crime organization, which is located in St. Petersburg, Russia.

Cryptocurrency has a turbulent past in Ireland. Last year, the country’s central bank governor warned that their popularity is “quite concerning.”

Gemini Payments Become The First Fintech To Score A License From Ireland

by

Leading crypto exchange Gemini Payments announced securing an e-money license from Ireland’s Central Bank. It is the first fintech to become authorized for such a license in the Republic since October 2020. By this, the trading platform joins the likes of well-known firms such as Stripe, Facebook, and Google to receive such authorization.

An Irish permit will enable Gemini to issue electronic money which it currently does in the UK thanks to its Financial Conduct Authority [FCA] authorization. The trading platform had submitted an application for a license back in 2020, partly to offset the impact of Brexit. Last year, the firm opened an office in Dublin, hiring Gillian Lynch, former chief strategy officer at Leveris, to lead its operations there.

The crypto exchange was founded by two identical twins called the Winklevoss brothers in 2014. In June 2016, Gemini became the world’s first licensed ether exchange.

Can Gemini level out the competition in the Republic?

Its biggest rival Coinbase which also has a presence in the Republic has gained a more popular fan base. Gemini on the hand aims to capitalize on its close connection with regulators. Last month, the Crypto Council for Innovation, or CCI, had announced that the trading platform would be joining its list of crypto-friendly firms aimed at supporting lawmakers on related regulation.

Data from public records through the U.S. Senate showed the exchange had declared spending a total of $120,000 on lobbying activities in the states during the third and fourth quarters of 2021 contracted with the Sternhell Group.

Peter Oakes, a former Central Bank enforcement director and founder of Fintech Ireland, said he expects Gemini will complement its new fintech license with an Irish crypto-asset registration to replicate its UK and international services. Oakes further said,

Gemini doesn’t provide services in Ireland [yet] but residents in other member states can open accounts. The combination of an e-money authorization and a virtual asset services provider registration should provide Irish consumers and corporates a fuller range of Gemini’s digital assets and non-fungible tokens services such as buying and selling, interest on accounts, payments, credit cards, and e-wallets.