Explore how Zodia Markets ventures into the EU market, backed by Standard Chartered.

Explore how Zodia Markets ventures into the EU market, backed by Standard Chartered.

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Zodia Markets, the dynamic digital asset exchange and brokerage platform, is making waves in the European financial landscape. A recent triumph has solidified their presence – the Central Bank of Ireland has officially registered them as a Virtual Asset Service Provider (VASP). This registration marks a pivotal moment for Zodia Markets, firmly establishing their foothold in the expansive European Union (EU) region.

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In response to this monumental achievement, Michael Walsh, the Chief Executive of Zodia Markets Ireland, expressed his enthusiasm. He highlighted the vibrant digital assets ecosystem in Ireland, labeling it as an exciting landscape. Walsh emphasized the significance of this Irish central bank’s recognition, positioning Zodia Markets strategically for their ventures into the broader EU market. It’s more than just a step; it’s a launchpad into new horizons.

But what does this registration mean for Zodia Markets and its future? It’s not merely a local affair. Zodia Markets has already received crypto asset registration from the UK’s Financial Conduct Authority in July 2022. Furthermore, they’ve secured essential permissions in Abu Dhabi. This strategic maneuver has placed them strategically within the EU, ready to seize opportunities as they arise.

The company has its eyes on the future, anticipating the implementation of the upcoming Markets in Cryptoassets Regulation (MiCA) in the EU, slated to be effective by the end of 2024. This regulation is expected to streamline authorizations for crypto asset service providers. However, Andrew Price, Zodia Markets’ Chief Compliance Officer, emphasized that there are still existing limitations despite these achievements, signifying the complexities of the crypto landscape.

Ireland, with its burgeoning reputation as a prime destination for digital asset firms, serves as the ideal backdrop for Zodia Markets’ strategic move. Notably, this move aligns with the footsteps of another major player in the crypto world – Coinbase, which has also chosen Ireland as its EU hub. Perhaps, Ireland’s favorable tax environment and supportive ecosystem are the magnets drawing these giants.

Zodia Markets’ recent registration with the Irish regulatory authority speaks volumes about their commitment to collaboration and compliance within the European regulatory framework. As they set their sights on the broader EU market, the firm is undoubtedly gearing up for a significant expansion in the years to come. This move is not just a leap; it’s a calculated jump into a future brimming with possibilities, and Zodia Markets is leading the way.