The Central Bank of Ireland has added Zodia Custody (Ireland) Limited to its Virtual Asset Service Provider Register VASP), the company becoming the first dedicated crypto-asset custodian to be registered to provide commercial services to clients in Ireland.
The registration with the CBI means that Zodia Custody Ireland will be subject to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended), demonstrating its commitment to high standards of compliance.
As crypto-assets were brought within the scope of the Act in April 2021, registration is now mandatory for all firms providing crypto-asset services in Ireland. Following the European Union’s agreement on regulation on the Market in Crypto-Assets (MiCAR) in June 2022, Zodia Custody Ireland’s registration will mean the company is well positioned to service clients across the EU when this regulatory regime comes into force.
The expansion comes in the wake of news that Zodia Custody has become one of the first crypto-asset custodians to achieve ISO 27001 certification and to have completed a SOC1 Type 1 report.
“I would like to congratulate Zodia Custody for registering as a Virtual Asset Service Provider,” said Minister of State at the Department of Finance, Seán Fleming TD. “The move is highly significant for Ireland, as the Government seeks to focus on innovation in the financial services sector as a key provider of growth in the economy. Blockchain technology is one of the great disruptors for payments and capital markets. Ireland can grasp this opportunity with our strong track record for building globally recognised payment companies and innovative financial services businesses.”
“There’s been a lot of activity surrounding crypto-assets in Ireland recently,” said John Cronin, CEO, Zodia Custody Ireland, “with the CBI’s approval of a Qualifying Investor Alternative Investment Fund to invest in crypto-assets, the Irish Funds Industry Association publishing a paper on crypto-assets and several firms establishing a presence here to build out the ecosystem. We aim to play our part by providing institutions with a safe and secure solution for investing in crypto-assets.
“We are in the process of obtaining similar registrations in jurisdictions across Europe, ensuring we are well-positioned for MiCAR.”
Event -The Merge
Zodia Custody will address the merge between worlds of traditional finance (TradFi) and decentralised finance (DeFi) at 18:00 on Wednesday 21 September in Café en Seine, Dawson Street Dublin.
The company said the interest in crypto and decentralised finance continues to mushroom, not only from those building crypto-native businesses, but also from the traditional finance companies looking to capitalise on the digital asset opportunity. However, Zodia argues, these two groups seldom, if ever, come together to discuss the space.
“We are delighted to invite you to The Merge, the first event bringing together Ireland’s DeFi and TradFi communities,” said the company.
Speakers will include Pat Lardner of Irish Funds, and Dave Feenan of Blockchain Ireland.
Registrations are via EventBrite here.