Cryptocurrency Adoption in Ireland: A Regulatory Overview
Ireland's Embracing Approach
Despite industry scandals, Ireland has taken a positive stance towards cryptocurrency adoption. The Central Bank confirmed in 2021 that Irish Qualifying Investor Alternative Investment Funds can invest in crypto.
Virtual Asset Service Provider License
In 2023, Kraken became the latest company to receive a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland. Coinbase also selected Ireland as its EU entity, adhering to Europe's Markets in Crypto-Assets (MiCA) framework.
Regulatory Milestones
The Central Bank of Ireland's approval of Ripple's XRP adds momentum to its broader adoption. Coinbase's choice of Ireland as its European crypto hub aligns with the EU's regulatory clarity efforts.
Prevalence of Crypto Ownership
As of 2021, approximately 10% of Irish internet users aged 18+ owned cryptocurrencies. This number has since declined, with a reported 35% drop in 2024.
Cautious Approach from CBI
The Central Bank of Ireland maintains a cautious stance on crypto-assets, citing concerns over volatility and potential risks to investors.
Compliance and Security Measures
Crypto businesses in Ireland, such as exchanges and custodians, must adhere to strict compliance and security measures. Coinmama's commitment to these standards enables individuals to confidently purchase and hold Bitcoin.
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