Paysafe obtains license from the Central Bank of Ireland to trade cryptocurrencies

Paysafe operates two payment products called Skrill and Neteller, which the company will expand to include virtual asset trading, a spokeswoman said.

This includes exchanges between virtual assets and fiat currencies, as well as exchanges between one or more forms of virtual assets.

“Paysafe has over 50 colleagues based in its Dublin office and this is where compliance and governance matters relating to our VASP license are overseen, supported by a larger crypto-focused team based across multiple Paysafe offices across the UK and Europe . ‘ the spokeswoman said Sunday independent.

Paysafe is the fourth company to receive a VASP license in Ireland under the new framework which came into effect in 2021.

Crypto exchanges Gemini, run by the Winklevoss twins, Coinbase and Zodia, Standard Chartered’s institutional crypto trading service, have secured VASP licenses. It is understood that there are approximately 60 other companies that have or plan to have VASP license applications in Ireland.

The VASP regime was introduced when the cryptocurrency market was still in turmoil with high values ​​for flagship digital currencies like Bitcoin. Since last year, the cryptocurrency market has plummeted, in large part due to a series of high-profile crashes, the most notorious of which is crypto exchange FTX. Its founder Sam Bankman-Fried is accused of fraud in the United States.