The purpose of this section is to provide information to persons seeking to apply for registration as a Virtual Asset Service Provider (‘VASP’). The Central Bank of Ireland (‘Central Bank’) is the competent authority in Ireland with responsibility for the AML/CFT registration and supervision of VASPs under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021, as amended (‘CJA 2010 to 2021’). It is important to note that a registration as a VASP is a registration for AML/CFT purposes only.

VASPs are “designated persons” for the purposes of the CJA 2010 to 2021 and are required to comply with the AML/CFT obligations contained under Part 4 of the CJA 2010 to 2021.

Applicant Firms applying for AML/CFT registration will have to submit an application to the Central Bank. In order for the Central Bank to approve an application for registration, the Central Bank must be satisfied that an Applicant Firm’s AML/CFT policies and procedures are effective in combatting the money laundering and terrorist financing (‘ML/TF’) risks associated with its business model, and an Applicant Firm’s management and beneficial owners are fit and proper.

Each applicant seeking registration must satisfy the Central Bank that it can meet its obligations under the CJA 2010 to 2021. In fulfilling its statutory role in this regard, the Central Bank adopts a robust, structured and risk-based process that seeks to ensure that only those applicants that demonstrate that they are in a position to comply are registered.

The Central Bank will process each application for registration as expeditiously as possible, while meeting its obligation to operate a rigorous and effective gatekeeper function.

The Central Bank has not set out expectations with regard to the location of an applicant firms directors, however please note that in line with the principle of territoriality enshrined in the EU AML Directives and section 25 of the CJA2010, the Central Bank will expect to see the applicant firm have a physical presence located in Ireland and for there to be at least one employee in a senior management role located physically in Ireland, to act as the contact person for engagement with the Central Bank.