Why getting registered as a Virtual Asset Service Provider in Ireland?
Ireland is the perfect gateway to do business and trade Bitcoin in the European Union; One of the oldest bitcoin services providers, BitEx is based in Ireland; Ireland hosts multiple global financial and information technology giants; Corporate taxation in Ireland is low at 12.5%;
Blockchain Association of Ireland is bullish about the current state of the world’s most popular crypto- currency. Over 430 Financial Services companies are operating from Ireland today, including 20 of the Top 25 Global Institutions. Ireland’s unique ecosystem has led to the development of the world-class fintech sector that continues growing every year. Recently, the country published a new Strategy for the International Financial Services Industry called “Ireland for Finance”, which outlines ambitious targets for the development of the IFS industry in Ireland and Dublin acting as the leading Financial Services hub. Ireland is an excellent location for Research Development & Innovation, as the country provides funding support, including tax credits and funds aid by IDA Ireland. Virtual Assets Service Providers authorised in Ireland are eligible to passport to other EEA member states.
Cryptocurrency license in Ireland
The Central Bank of Ireland is a regulator of all Financial Services companies in Ireland. Fintech companies established in Ireland benefit from streamlined procedures, reduced bureaucracy and no Development fees.
The 2021 Act provides a specific registration regime for Virtual Asset Service Providers (VASPs). For the purposes of the legislation, VASPs are firms that provide any of the following services relating to virtual assets:
1. exchange between virtual assets and fiat currencies;
2. exchange between one or more forms of virtual assets;
3. transfer of virtual assets, that is to say, to conduct a transaction on behalf of another person that moves a virtual asset from one virtual asset address or account to another;
4. custodian wallet provider; and
5. participation in, and provision of, financial services related to an issuer’s offer or sale of a virtual asset or both. All companies providing VASP services, they must register with the Central Bank under the Central Bank’s VASP registration regime.
Application for Registration Information Virtual Asset Service Provider
The purpose of this section is to provide information to persons seeking to apply for registration as a Virtual Asset Service Provider (‘VASP’). The Central Bank of Ireland (‘Central Bank’) is the competent authority in Ireland with responsibility for the AML/CFT registration and supervision of VASPs under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021, as amended (‘CJA 2010 to 2021’). It is important to note that a registration as a VASP is a registration for AML/CFT purposes only. VASPs are “designated persons” for the purposes of the CJA 2010 to 2021 and are required to comply with the AML/CFT obligations contained under Part 4 of the CJA 2010 to 2021.
Crypto Assets Irish Taxation
The term “crypto-asset” is often used as a blanket term for all digital assets (cryptocurrencies, tokens etc.). Cryptocurrencies, such as Bitcoin and Ethereum (to name but a few) are rapidly emerging into wider public ownership and usage, leaving tax authorities facing the challenge of how to treat and tax crypto-asset transactions. This trend is likely to continue into the future with the use of crypto assets expanding likely leading to further Revenue engagement. Companies are also using issuing tokens (initial coin offerings) as a means of raising funding.
Setting up your VASP entity in Ireland
We assist in the full registration process with Central Bank of If you are looking to obtain a Crypto Asset Services Provider (VASP) license in Ireland, Demire Inc can offer you its legal, technical and business expertise and consulting support. Our dedicated Financial Services Development Team works closely with clients who are subject to AML / CFT requirements across a number of sectors. We have also advised a number of clients engaged in providing crypto services in Ireland. We have vast experience in dealing with AML / CFT issues across the spectrum from establishing an AML / CFT framework and preparing policies and procedures; providing annual training; advising on suspicious transaction report filings; advising on governance and outsourcing arrangements related to AML / CFT and guiding clients through themed inspections and supervisory / enforcement engagement on AML / CFT.
Company Demire Inc can help you to register your cryptocurrency exchange wallet and company in Ireland.
