Congratulations to innovative digital assets leader, Hao Chen, Founder of Legend  Trading for securing a much coveted CASP authorisation from the Central Bank of Ireland on Friday 10th October 2025.  Legend Financial Ireland Limited, Reference No. C535172, is authorised as a crypto-asset service provider to provide: “(c) exchange of crypto-assets for funds; (d) exchange of crypto-assets for other crypto-assets”. 

​The Irish company is led by CEO, Ciaran O’Hare and its Independent Chairperson is Peter Oakes. 

Hao Chen, CEO of Legend Trading, commented:

“Securing the MiCA license from the Central Bank of Ireland marks a pivotal milestone in our global strategy. Ireland is renowned for its high regulatory standards and robust financial ecosystem, and we are honored to collaborate closely with its regulators under this new framework. This license not only strengthens our presence in Europe but also enhances the trust of our clients and partners worldwide. We will continue to balance compliance and innovation, expanding the boundaries of our products and services to accelerate the convergence of traditional finance and digital assets.”

Legend Trading is only the second digital assets group to secure a CASP authorisation from the Central Bank of Ireland. The other digital asset group is Kraken.

Today, Fintech Ireland released Version 19 of Ireland’s Regulated Fintech Ecosystem (Payments, Crypto & Crowdfunding) to include Legend Financial Ireland Limited. That Map showcases the 89 fintech licences issued by the Central Bank of Ireland Read more HERE.

​As reported in CoinTelegrapgh today: “Building on its MiCA license, Legend Trading is introducing Legend FXN — a stablecoin-to-fiat exchange and settlement platform for European banks, EMIs, PIs, and other institutions. Legend FXN will enable regulated institutions to securely and cost-effectively access stablecoin and euro liquidity. As the MiCA-authorized settlement layer, it provides instant exchange and reconciliation, establishing a compliant clearing infrastructure for Europe’s financial system.”

Again, congratulations to all involved in achieving this milestone.

​The eagle-eyed among you may notice that the Central Bank’s Register of Authorised Crypto-Asset Service Providers (Article 63 of Regulation (EU) 2023/1114, records that Legend Financial Ireland Limited, alongside of the Kraken Irish authorised CASP entities confirms that all three are both (1) a ‘Crypto Asset Service Provider’ and (2) a ‘Virtual Asset Service Provider’.

Digital Assets will be a key theme at the Fintech Ireland Summit taking place on Thursday 27th November 2025.  Make sure you attend - get your tickets HERE

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• Sign up to our Newsletter here.​
• ​Attend the Fintech Ireland Summit here.
• Need assistance with an emoney or payments authorisation or an account information service provider or virtual asset services provider registration application, check out Fintech Ireland and CompliReg's handy authorisation guides at https://fintechireland.com/fintech-authorisations.html. 

Spotted by our Peter Oakes:
 
"The prepaid card and digital wallet market in Ireland is poised for significant growth, with forecasts predicting a 10.6% annual increase to reach USD 3.76 billion by 2025.
 
The market has demonstrated strong performance from 2020 to 2024, boasting a 13.8% CAGR, and is expected to continue on this upward trajectory at a CAGR of 9.1% from 2025 to 2029. By 2029, the market could expand to approximately USD 5.34 billion, up from USD 3.40 billion in 2024.
 
Key Trends and Drivers
Ireland's prepaid card sector evolves with the increasing acceptance of digital payments and their integration with digital wallets. Secure and convenient prepaid cards are now a preferred method for online shopping, while businesses use them for operational efficiency and expense management. As technology advances, consumers and businesses can expect more integrated payment solutions.
 
Businesses recognize the advantages of prepaid cards for managing finances, leading to scalable growth. With the market moving towards cashless transactions, prepaid cards offer secure alternatives for both online and in-store purchases. As digital shopping platforms proliferate, the demand for safe, efficient payments is expected to increase.
 
Steady Market Growth
The market's steady rise is driven by digital payment adoption and expanding e-commerce in Ireland. Prepaid cards offer a secure alternative as consumers shift away from cash transactions.
 
Prepaid cards are becoming widely accepted, with more industries and demographics adopting them. Advances in payment infrastructure and security features enhance consumer trust and card adoption.
 
The market is set to evolve, supporting Ireland's shift to a digitally inclusive financial ecosystem.
 
Integration with Digital Wallets
Integration of prepaid cards with digital wallets in Ireland is on the rise, streamlining fund management via mobile applications and offering users seamless transactions.
 
Advancements in mobile technology and consumer demand drive this trend, providing secure transaction processing and streamlined financial management.
Expect broader adoption in the next few years as more financial institutions and fintech companies introduce hybrid solutions.
 
Corporate Adoption of Prepaid Cards
Businesses in Ireland are adopting prepaid cards for expense management, employee benefits, and corporate gifting, seeking to streamline financial processes.
 
Operational efficiency and enhanced expense control are key drivers. Prepaid cards automate payments, reduce cash handling risks, and provide real-time tracking and financial oversight.
 
Business adoption is expected to rise as companies seek transparency and efficiency. Tailored prepaid solutions will cater to specific business requirements.
 
Competitive Landscape
The market is transforming with digital payment infrastructure expansion and rising consumer adoption. Traditional banks dominate, but fintech firms like Revolut drive competition and innovation. Regulatory changes continue to influence consumer protection and payment security. Strategic partnerships shape the market's evolution, enhancing offerings and expanding reach.
 
Market Dynamics and Player Insights
Key market players include Allied Irish Banks and Bank of Ireland, alongside fintech companies like Revolut entering the scene. Competition spurs innovation and diversification.
 
Fintech entrants are challenging traditional banks, leading to a broader array of financial products and improved services.
 
The market is ripe for competitive intensity, prompting advancements in service offerings to meet evolving consumer preferences.
 
Regulatory Changes
Regulatory developments by the Central Bank of Ireland enhance consumer protection, mandating transparency in fees for prepaid card providers.

The EU's PSD2 continues to shape competition and innovation while ensuring payment security, impacting providers' offerings.
 
Source https://www.businesswire.com/news/home/20250707646992/en/Ireland-Prepaid-Card-and-Digital-Wallet-Market-Growth-Dynamics-Databook-2025-Corporate-Adoption-of-Prepaid-Cards-Streamlines-Expense-Management-in-Ireland---ResearchAndMarkets.com

[Update: The CompliReg page has been updated to include the Central Bank's Supervisory expectations for CASPs and issuers of ARTs and EMTs. You now download from one spot the so-called 'Holy Trinity' of Central Bank of Ireland's cryptoasset documentation as follows:

1) Application Form for Markets in Crypto Asset Regulation
2) The Key Facts Document
3) MiCAR Authorisation and Supervision Expectations

https://complireg.com/casp-micar.html]

Great to finally see that Ireland's National Competent Authority for #MiCAR (Markets in CryptoAssets Regulation) has published:

1) An Application Form (35 pages) to complement the MiCAR Key Facts Document (32 pages)
2) A statement confirming that "to ensure successful implementation of the new MiCAR regime in Ireland, cognisant of business demands and the 12-month transition period, we have put in place a well-resourced and expert team to deal with the CASP authorisation process. This team will continue to engage extensively and constructively with the sector and applicants."

CompliReg has helpfully placed a copy of both the MiCAR Application Form and the previously published Key Facts Document on its website here https://complireg.com/casp-micar.html. Get in touch with them if you are on the journey to become MiCAR authorised in Europe. Ireland is but just one country where the team works on MiCAR and Emoney/Payment authorisations.

We understand that Crypto Assets Ireland is holding its second #DigitalAssets meeting later this month. Since its arrival on the scene in mid January, Crypto Assets Ireland founded by Joe McCann has run informative in-person and online events and has published a lot of useful stuff. Explains why there are more than 600 followers of its linkedin page which went live just over two months ago. Click its name above to follow it (to learn about its next event) and also kindly follow Fintech Ireland which is supporting the Crypto Assets Ireland initiative with content and information.


What is the new MiCAR Application Form?
1. General information
2. Programme of Operations
3. Prudential requirements
4. Governance arrangements and internal control mechanisms.
5. Business Continuity
6. Detection and prevention of money laundering and terrorist financing
7. Management Body
8. Shareholders or members with qualifying holding
9. ICT systems and related security arrangements
10. Segregation of clients’ crypto-assets and funds
11. Complaints-handling
12. Custody and administration policy
13. Operating rules of the trading platform and market abuse detection
14. Exchange of crypto-assets for funds or other crypto-assets
15. Execution Policy
16. Provision of advice or portfolio management on Crypto-assets
17. Transfer Services
18. Cross-border provision of crypto-asset services
19. Other comments
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​Source - Peter Oakes

See CompliReg at ​https://complireg.com/blogs--insights/cohort-1-of-central-bank-of-irelands-innovation-sandbox-programme-combatting-financial-crime for detailed blog

Seven participants of the Central Bank of Ireland’s Innovation Sandbox Programme on ‘Combatting Financial Crime’ are:

1) AMLYZE is building an AML/CFT information-sharing framework that will use structured taxonomies and synthetic data to simplify detecting and preventing fraudulent activities.

​2) Expleo Group has developed an anti-SMS fraud solution which installs on mobile phones to combat SMS fraud.

3) Forward Emphasis and Pasabi’s joint innovation will develop and test a Motor Insurance Application Fraud Analytics solution, leveraging AI-driven behavioural analytics, machine learning, and pattern recognition to detect fraud in the pre-sales process.

4) Roseman Labs enables secure, GDPR-compliant collaboration and analysis on sensitive data for regulated industries.

5) Sedicii (hello Rob Leslie) and PTSB Sedicii has partnered with PTSB to create a secure and private collaboration using zero knowledge proofs to verify names and addresses, in real-time, as part of their customer KYC process, using ESB Networks as the authority for address data in Ireland in full compliance with GDPR and which involves no sharing of personal data.

6) TrustElevate.com offers a privacy-preserving solution for verifying parental responsibility and child age.

7) Vidos.Id is developing digital identity verification solutions to help financial institutions verify digital identity documents and wallet-based credentials.

​See CompliReg at ​https://complireg.com/blogs--insights/cohort-1-of-central-bank-of-irelands-innovation-sandbox-programme-combatting-financial-crime for detailed blog

​See CompliReg at ​https://complireg.com/blogs--insights/cohort-1-of-central-bank-of-irelands-innovation-sandbox-programme-combatting-financial-crime for detailed blog

Ireland is now home to at least 75 regulated fintechs with the registrations of both Foris DAX Global Limited (aka Crypto.com) and Sors Digital Assets Limited.  The two companies were registered by the Central Bank of Ireland under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as virtual asset service providers.  To remind, VASPs are not authorised but registered to provide their services.

Linkedin Post here: https://www.linkedin.com/posts/peteroakes_cryptoasset-virtualasset-micar-activity-7219828976863641601-fNxw

Fintech Ireland is delighted to welcome both firms to the ever-growing Regulated Fintech Map (Version 11) and the VASP Map (version 8).  Thanks to CompliReg and MiCA Ready which support firms in the  in the #cryptoasset / #virtualasset industry.

By the way, did you know that today (19 July 2024) is the second anniversary of the very first registration of a VASP?  That honour belongs to Gemini Intergalactic Europe Limited which was registered on 19 July two years ago.  Happy anniversary!

This registration of Crypto.com on 7 June 2024 and Sors Digital Assets on 16 July 2024 increases the pool of regulated fintech in Ireland to at least 75, comprised of:

* 27 authorised electronic money institutions
* 22 payments institutions,
* 6 standalone open banking firms,
* 15 VASP, and
* 5 crowdfunding services providers.

Those who read the recent Authorisation and Gatekeeping Report issued by the Central bank of Ireland might recall:

• that as at 31 December 2023 there were 14 applicants for a VASP registration in the pipeline as at that date.  Obviously deduct 2, and that means if there have been no withdrawals and no new applications, we might see a further 12 firms become registered before year’s end.  If that is the case the Central Bank will have its work cut out for itself dealing with potentially 27 MiCAR applications. Of course, it would be wise to assume that further companies have applied for registration since the start of this year.
• the average number of days taken to register a VASP is 530 calendar days and is largely driven by time taken by the applicants to respond to queries raised during the assessment. A significant number of firms have withdrawn from the registration process. 

According to Companies Registration Office Records, Sors Digital Assets is a shareholder (32.67%) in Fortuna Digital Custody Ltd which was registered as a VASP by the Central Bank of Ireland earlier this year on 9 May 2024.  Sors Digital Assets is owned by Brian Elders (55%) and Stephen Browne (45%).  Brian Elders is a director of both Sors Digital Assets and Fortuna Custody Ltd.  Sors Digital Assets had net assets of €769K as at 31 December 2023.  Stephen Browne is another director of Sors Digital Assets.

​Foris DAX Global Limited is wholly owned by  Foris Dax Holdings Ltd.  Its directors are Mariana Dinkova Gospodinova, Rafael De Marco E Melo and Antonio Alvarez Lorenzo.  Within the Crypto.com group, Mariana serves as EVP Operations & GM Europe; Rafael is co-founder and CFO; and Antonio is Group Chief Compliance Officer.  Crypto.com's VASP registered operations made a small overall profit (comprehensive income) of €71.4K in the year to 31 December 2022 well down on the €3.120M profit for the previous year.  The company's net assets as at 31 December 2022 were €3.2M.   

We wish both Crypto.com and Sors Digital Assets the very best success for their future endeavours.
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