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Ireland is now home to at least 82 regulated fintechs.  Six virtual assets service providers join the Irish fintech ecosystem.  New Maps Released thanks to CompliReg.com

5/12/2024

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Check out the MiCAR KFD Roundtable Event - Thursday 12th December 2024 - CLICK HERE FOR DETAILS

  • Sign up to our Newsletter 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. 
It is a busy Q4 2024 in the Irish crypto asset sector with 6 Virtual Asset Services Providers obtain registration with the Central Bank of Ireland.  And all six are very welcome to the Fintech Ireland and MiCA Ready Fintech Maps.  Special thanks to the CompliReg for sponsoring and supporting this edition (version 9) of the the Virtual Asset Service Providers Map.    

Joining the Irish Fintech Ecosystem are:
  1. CoinJar Europe Limited - registered to provide services: #i, ii, iii & iv *
  2. Figure Markets Ireland Ltd - registered to provide services: #iii
  3. Legend Financial Ireland Limited - registered to provide services: #i & ii
  4. HashKey Europe Limited - registered to provide services #i, ii, iii & iv
  5. Fidelity Digital Assets Ireland Ltd - registered to provide services #i, iii & iv
  6. StoneX Digital International Ltd - registered to provide services ##i, ii, iii & iv

​
* Service Provided as appearing on Central Bank Register as at 4 December 2024:

(i) Provision of exchange services between virtual assets and fiat currencies
(ii) Exchange between one or more forms of virtual assets;
(iii) Transfer (to conduct a transaction on behalf of another natural or legal person that
moves a virtual asset from one virtual asset address or account to another) of virtual assets
(iv) Custodian wallet providers


The above six VASPs bring the total number of Registered VASPs in Ireland to 21, joining these other 15 VASPs.
  • Gemini Intergalactic Europe Limited
  • Zodia Custody (Ireland) Limited 
  • Coinbase Europe Limited 
  • Coinbase Custody International Limited 
  • Paysafe Payment Solutions Limited
  • Payward Europe Solutions Limited (Kraken)
  • NoFrixion Limited
  • Pionew Ireland Limited
  • Moonpay Technology Services Limited                
  • Zodia Markets (Ireland) Limited 
  • Ripple Markets Ireland Limited
  • Fortuna Digital Custody Ltd
  • Ramp Swaps (Ireland) Limited
  • Foris DAX Global Limited (Crypto.com)
  • Sors Digital Assets Limited

Ireland is now home to 82 Authorised or Registered Fintechs

The increase in the number of Registered VASPs brings the total number of Authorised and Registered Fintechs to at least 82 players.  This definition of fintech covers VASPs, Emoney Firms, Payment Institutions, AISPs and PISPs authorised or registered in Ireland. There are other firms, such as MiFID firms that are likely fintech and will include those we identify on a Map at a later date.

​Find these 82 Authorised and Registered fintechs on the Map below.
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Special thanks to the Project Foundry for sponsoring the Indigenous Fintech Ireland Map.  Until we update that larger Map of more than 260+ fintechs, we are expressing our gratitude to the Team Project Foundry on our sectorial fintech Maps. 
  • Sign up to our Newsletter 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. 
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Virtual Asset Service Providers Landscape in Ireland - Map v 3.1 MoonPay becomes the 9th crypto firm registered in Ireland

31/8/2023

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NB: Version 3.1 - Updated Pionew Ireland's logo on 16 September 2023.

​Welcome MoonPay to Fintech Ireland's Registered Virtual Asset Service Providers Map v 3.1

Fintech Ireland Newsletter: If you wish to receive the regular Fintech Ireland Newsletter for a round-up of fintech news and our events, sign-up here.  We use MailChimp, so you can sign-up and unsubscribe with ease. 
Back on 12 April 2023, together with Susan O’Neill of SuLu Solutions and Peter Oakes of Fintech Ireland we issued the first Registered Virtual Asset Service Providers - Ireland Map.

Since then the Map has been updated twice to record the registration of addition virtual asset firms registered in Ireland.  We have now updated the Map to Version 3 as at Wednesday 30th August 2023.  That date is the most current run date on the Central Bank of Ireland's register for virtual asset firms.

Welcome MoonPayTechnology Services Limited to the Map.

MoonPay was registered on 15 August 2023 and is registered for service number (ii), the exchange between one or more forms of virtual assets.

MoonPay joins other registered virtual asset firms including Coinbase Europe Limited, Coinbase Custody International Limited, Gemini Intergalactic Europe Limited, Zodia Custody Ireland Limited, Paysafe Payment Solutions Limited, NoFrixion Ireland Limited and Pionex Ireland Limited.  Some of these crypto firms also hold an electronic money authorisation with the Central Bank of Ireland.

MoonPay's local board of directors (according to Companies Registration Office records) are Maximilian (Max)  Crown (Co-Founder & CFO) and Ivan Soto-Wright (Co-Founder CEO).  Max is also a director of other MoonPay entities in the UK, Malta and USA.

MoonPay, was launched in 2019 to allow people to buy and sell Non-Fungible Tokens. It is backed by celebrities such as Justin Bieber and Gwyneth Paltrow. In a statement to the Irish Independent, the company said it has now established a presence in Ireland. “MoonPay [now] has a team in Ireland. We also expect our headcount to grow in line with business demands and to ensure we remain in compliance with our regulatory obligations,” it said.

MoonPay builds payment infrastructure for crypto and has about 500 industry partners ranging from crypto wallets to layer-1 and layer-2 blockchains, Abhay Mavalankar, VP of corporate development and investments said. The company is valued at $3.4 billion, has more than 5 million customers and supports over 80 assets, according to its website.


At the end of August 2023, MoonPay launched MoonPay Ventures an investment arm that will focus on early-stage startups in web3, gaming and adjacent fintech categories (reported  by Jacquelyn Melinek in TechCrunch).  The investment arm, dubbed MoonPay Ventures, will mainly invest between $100,000 to $1 million, targeting seed and Series A rounds. It has already invested in more than 25 companies, including BCB Group, Ledger, BRUT, BeatClub, absolute labs, Create/OS, BridgeTower Capital and Mythical Games, according to MoonPa's Abhay Mavalankar.

There isn’t a specific fund amount that MoonPay is allocating, and the team will invest off its balance sheet with a “definite angle” toward commercial ROI.  “When it comes to web3 and backing exceptional founders, this is a logical extension of that,” Mavalankar said.

BTW, Fintech Ireland and Peter Oakes are supporting MiCA Ready which tracks materially important EU news on MiCA and Digital Assets Africa. 

Don't forget to check out our Fintech Ireland Crypto Page.

Previous editions of the Map.
  • Version 1 April 2023 Blog here
  • Version 2 July 2023 Blog here
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Markets in Crypto Assets Regulation (EU 2023/1114) Public Consultation (Department of Finance)

9/8/2023

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09 August 2023: Ireland's Department of Finance has issued a Public Consultation Markets in Crypto Assets Regulation (EU 2023/1114).  CLICK HERE.

Minister for Finance Michael McGrath TD has today announced the launch of a public consultation on the exercise of national discretions contained within the Markets in Crypto Assets Regulation (MICAR) (EU) 2023/1114.

The Markets in Crypto-Assets Regulation is the first European-level legislation introducing a harmonised and comprehensive framework for crypto-assets, covering issues from the offering to the public of crypto-assets to preventing market abuse in crypto-asset markets. The consultation commences 9 August 2023 and ends 5p.m. on 15 September 2023.

The Department of Finance has issed a public consultation, commencing 9 August 2023 ending 15 September 2023 for purpose of obtainin submissions on the transposition of national discretions included within the Markets in Crypto-Assets Regulation (MiCAR) EU 2023/11141. MiCAR is the first European-level legislation introducing a harmonised and comprehensive framework for crypto-assets, covering issues from the offering to the public of crypto-assets to preventing market abuse in crypto-asset markets. The legislation provides a set of prescriptive rules that will shape the functioning of the European markets in crypto-assets, including transparency rules, authorisation requirements, customer protection rules and an anti-market abuse framework.

As a Regulation MiCAR has direct effect, however, there are a number of provisions in the Regulation to which full harmonisation does not apply and Member States are given discretion as to whether and how to apply these provisions.

The four national discretions this consultation seeks feedback on include:
  • Article 88 (1): Public disclosure of inside information
  • Article 111 (2): Administrative penalties and other administrative measures
  • Article 143 (2): MiCAR transition period; and
  • Article 143 (6): Simplified authorisation procedure.

Section 5 of this consultation document sets out detail of the national discretions contained within MiCAR and the Department invites comments on whether these discretions should be availed of, how they should be availed of and clear reasoning for such a position.

The Department of Finance invites people responding to the consultation to:
  • Give their views on the specific questions set out below. You do not have to answer every question – you may choose to answer all of the questions or only those which are relevant to you.
  •  Provide details of any issues or concerns you feel should be considered in dealing with the particular topic being addressed in your response.
  • Where appropriate, provide some analysis or views on the regulatory and/or financial impact of the proposed approach.

The comments received will be taken into consideration when deciding how best to transpose the MiCAR into Irish law.

The consultation period will run from 9 August 2023 to 15 September 2023. 

The Department of Finance says that any submissions received after this date may not be considered.

If you wish to respond to this consultation paper you may do so either electronically or in writing by 15 September 2023.  Electronic submissions can be sent to https://consult.finance.gov.ie/.  Postal submissions to MiCAR Public Consultation, Financial, Advisory, Department of Finance, 1 Miesian, Plaza, D02 R583, Ireland. 
 

​
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Virtual Asset Service Providers Landscape in Ireland - Map 2.0

17/7/2023

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Click Image For Larger Size

Welcome NoFrixion and Pionew Ireland to Fintech Ireland's Registered Virtual Asset Service Providers Map v 2.0 

Back on 12 April 2023, together with Susan O’Neill of SuLu Solutions and Peter Oakes of Fintech Ireland we issued the first Registered Virtual Asset Service Providers - Ireland Map. [See April 2023 Blog here] 

We have now updated the Map to Version 2 as at Monday 17 July 2023.

Welcome NoFrixon Limited and Pionew Ireland Limited to the Map.

No Frixon was registered on 31 May 2023 and Pionew Ireland followed on 11 July 2023.  Both firms are registered to 
  • (i) provision of exchange services between virtual assets and fiat currencies
  • (ii)  exchange between one or more forms of virtual assets; and  
  • (iii) transfer (to conduct a transaction on behalf of another natural or legal person that  moves a virtual asset from one virtual asset address or account to another) of virtual assets. 
Pionew Ireland is also registered be a (iv) Custodian wallet provider.

They join Coinbase Europe Limited, Coinbase Custody International Limited, Gemini Intergalactic Europe Limited and Zodia Custody Ireland Limited and Paysafe Payment Solutions Limited.

According to records at the Companies Registration Office,
  • NoFrixion Ireland has 6 Irish resident directors (Aaron Clauson, Kathryn Hotten, Maurice Roche, Patrick Pinschmidt, Kieran Francis Mcloughlin and Feargal Brady); and
  • Pionew Ireland has two USA resident directors (Robert Francis Morris and Tang Guojing) and one Irish  resident director (Anne Rothwell).

BTW, Fintech Ireland and Peter Oakes are supporting MiCA Ready which tracks materially important EU news on MiCA and Digital Assets Africa
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Eouncil adopts new rules on markets in crypto-assets (MiCA)

16/5/2023

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​16 May 2023 Brussels: The EU brings crypto-assets, crypto-assets issuers and crypto-asset service providers under a regulatory framework. Setting an EU level legal framework for this sector for the first time, the Council today adopted a regulation on markets in crypto-assets (MiCA).
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​I am very pleased that today we are delivering on our promise to start regulating the crypto-assets sector. Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism.
Elisabeth Svantesson, Minister for Finance of Sweden
​MiCA will protect investors by increasing transparency and putting in place a comprehensive framework for issuers and service providers including compliance with the anti-money laundering rules. The new rules cover issuers of utility tokens, asset referenced tokens and so-called ‘stablecoins’. It also covers service providers such as trading venues and the wallets where crypto-assets are held. This regulatory framework aims to protect investors, preserve financial stability, while allowing innovation and fostering the attractiveness of the crypto-asset sector.

It also introduces a harmonized regulatory framework in the European Union which, given the global nature of crypto markets, is an improvement compared to the current situation with national legislation in some member states only.

Background 

The European Commission presented the MiCA proposal on 24 September 2020. It is part of the larger digital finance package, which aims to develop a European approach that fosters technological development and ensures financial stability and consumer protection. In addition to the MiCA proposal, the package contains a digital finance strategy, a Digital Operational Resilience Act (DORA), that covers crypto-asset service providers as well, and a proposal on distributed ledger technology (DLT) pilot regime for wholesale uses.

This package bridges a gap in existing EU legislation by ensuring that the current legal framework does not pose obstacles to the use of new digital financial instruments and, at the same time, ensures that such new technologies and products fall within the scope of financial regulation and operational risk management arrangements of firms active in the EU. Thus, the package aims to support innovation and the uptake of new financial technologies while providing for an appropriate level of consumer and investor protection.
The Council adopted its negotiating mandate on MiCA on 24 November 2021. Trilogues between the co-legislators started on 31 March 2022 and ended in a provisional agreement reached on 30 June 2022. Today’s formal adoption of the regulation is the final step in the legislative process.

Links

  • Regulation on markets in crypto-assets (MiCA)
  • Digital finance: agreement reached on European crypto-assets regulation (MiCA) (press release, 30 June 2022)
  • Digital finance (background information)
  • Visit the meeting page
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