Crypto Approval Hands Major Boost to Gaming Industry in Ireland
Ireland’s financial technology (fintech) sector is a major part of the national economy, creating thousands of high-skilled jobs and generating sizeable tax revenues.
The Emerald Isle has become an attractive destination for crypto companies — a point evidenced by American firms such as Coinbase and Gemini establishing roots there.
Specialising in payments and eCommerce has solidified Ireland’s position as a global fintech powerhouse, and the next step for the nation’s rapid growth is in blockchain and cryptocurrency.
Blockchain and crypto offer fast and transparent transactions that eliminate the need for a third party. It has all the makings of another massive success story for the fintech industry.
Central Bank of Ireland Approves Crypto.com
The Central Bank of Ireland (CBI) recently approved Asian platform crypto.com as a Virtual Asset Service Provider (VASP), allowing them to offer a wide range of services.
This approval came after a thorough review of the company’s commitment to compliance, especially in areas such as anti-money laundering (AML) and combating the financing of terrorism (CFT). The platform serves over 100 million customers across the globe and is renowned for its robust regulatory compliance, security and privacy measures.
The CBI approval highlights the firm’s dedication to compliance and responsible innovation. It also emphasises the country’s willingness to integrate crypto services into its financial sector.
The news will be welcomed by major industries in Ireland, especially the iGaming sector. Customers can now play at Irish Betting Sites, which is big news for the sector.
Irish casino players have traditionally used debit cards and e-Wallets to fund their gaming activities, but can now benefit from the speed and security offered by crypto payments.
With Сrypto.com already operating in numerous other jurisdictions worldwide, the move into Ireland is hugely significant for its citizens. The company’s extensive regulatory footprint boosts its credibility and reaffirms its track record of delivering services of the highest quality to its customers across the globe.
Ireland’s Fintech Sector and the Promise of Blockchain
Ireland’s fintech sector has become a magnet for experts in payments and eCommerce, but the industry has now set its sights on a new frontier.
Blockchain and crypto tech are seen as the next logical progression in this expansion, and it promises to deliver several benefits, such as fast and transparent transactions without going through an intermediary.
There are several areas where blockchain can be applied in the Irish economy, including tokenising real-world assets, securing healthcare records, ensuring transparent voting systems and expediting asset ownership transfers.
The prospect of implementing blockchain and crypto may be exciting, but there’s still a long way to go and several hurdles to overcome before it can become a reality. Most Irish vendors do not accept crypto transactions, and only a small fraction of Irish citizens own crypto assets.
Another key area that needs to be addressed is the general lack of understanding and awareness about crypto and blockchain technology, especially within the older demographic.
To overcome these barriers, there needs to be a coordinated effort from crypto companies, academics, and regulators to educate the public on the benefits of crypto technology. This education should focus on the long-term benefits of crypto transactions, such as reducing fraudulent chargeback claims, especially for businesses.
Ireland has already had plenty of success in attracting the global funds industry, and that can be replicated by developing digital finance governed by a robust and innovation-friendly regulatory framework.
The forthcoming implementation of the Markets in Crypto-Assets Regulation (MiCAR) in the European Union (EU) will provide a comprehensive framework for crypto assets. It will improve Ireland’s ability to attract investment, which will be a massive boost for the blockchain sector.
Navigating the Challenges to Becoming a Blockchain Hub
The development of the blockchain industry holds immense economic potential, and Ireland is in line to be a major beneficiary.
A new report suggests blockchain technology could inject a whopping $2 trillion into global Gross Domestic Product (GDP) by 2030, and the Emerald Isle is perfectly positioned to grab a sizeable chunk of the economic pie.
Experts predict a flourishing blockchain and crypto industry in Ireland that could create new jobs, increase tax revenues and attract more capital investments.
However, regulatory uncertainty, shortage of experts and even public trust issues could hinder Ireland’s progress in that regard. Proactive initiatives such as the European Union’s CHAISE Project are offering a helping hand.
This project focuses on developing future-proof training solutions to bridge the skills gap and ensure Europe has a workforce ready to harness the power of blockchain.
Addressing these challenges head-on can help transform Ireland into a true blockchain hub, paving the way for economic prosperity.