Zodia Markets may now provide OTC crypto services to institutional customers.
Before the MiCA goes into force, Ireland is shaping up to be a major crypto hub.
Zodia Markets, a platform for trading and exchanging digital assets backed by Standard Chartered has been granted a Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland. In July 2022, Zodia was approved as a cryptocurrency exchange by the UK’s Financial Conduct Authority (FCA), and in September 2023, the ADGM gave its In-Principle Approval (IPA).
In a statement published on October 27th, Standard Chartered-backed Zodia Markets announced that it has been granted a Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland (CBI).
Eyeing MiCA Compliance
Moreover, thanks to this approval, Zodia Markets may now provide over-the-counter (OTC) crypto trading and exchange services to institutional customers. Also, this strengthens the exchange’s standing in Europe as a reliable platform for exchanging digital assets. Zodia intends to maintain its cooperation and conformity with European authorities.
Furthermore, after the European Union (EU) enacted the Markets in Crypto assets Regulation (MiCA), the decision was made to take this action. It is anticipated that the MiCA would enter into force by the close of 2024. Providers of crypto services will soon be required to register with the MiCA so that they may market their products inside the European Union as a whole.
Zodia Markets has been awarded a VASP license by the Irish regulators, and Minister of State at the Department of Finance Jennifer Carroll MacNeill TD has expressed her congratulations. Also, before the MiCA goes into force, Ireland is shaping up to be a major hub for European crypto companies.