Open a Cryptocurrency Company in Ireland

The EU MiCA Regulation (applicable since 30 December 2024) is the specific legal framework to comply with if you want to open a crypto company or become a Virtual Asset Service Provider (VASP) in Ireland. You need to adhere to MiCA and the rules of the Central Bank of Ireland, which implies obtaining a crypto license in Ireland.

If you want to obtain such a license to carry out crypto-related operations, you can rely on our specialists in company formation in Ireland.

Laws regulating cryptocurrencies in Ireland

Crypto-assets are regulated at EU level by MiCA, applicable since 30 December 2024. However, the Central Bank of Ireland set in place new rules for financial service providers engaged in such activities. These also apply to payment and electronic money providers dealing with digital tokens. Specifically, the Oireachtas (through the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021) amended the Criminal Justice Money Laundering and Terrorist Financing Act (AML) in April 2021 with new provisions referring to Virtual Asset Service Providers.

The following types of operations can be completed by Virtual Asset Service Providers in Ireland:

• the exchange of virtual assets for fiat currencies;
• the exchange of one or more types of virtual assets;
• custodian and wallet provider services;
• the transfer of virtual assets;
• the participation and/or provision of financial services related to offerings (ICOs) or sale of cryptocurrencies.

Another new requirement implies that a company engaged in such activities to apply for a crypto license in Ireland.

Are there any special rules to open a cryptocurrency company in Ireland after 2021?

Yes. Under MiCA (and since the end of the transitional period on 30 December 2025) CASP authorisation rules apply to crypto-asset service providers in Ireland in terms of registration, however, they are now required to appoint specific officers and apply for crypto licenses.

Here are the main requirements to comply with after registering the Irish cryptocurrency company with the Companies Register:

1. to appoint an officer to comply with the implementation, management, and oversight of compliance anti-money laundering regulations; the officer must be a member of the management board;
2. an anti-money laundering regulations compliance officer must also be appointed;
3. a risk assessment report must be drafted and filed with the Central Bank of Ireland when applying for authorisation in Ireland;
4. Know-Your-Client (KYC) regulations must also be set in place at the company level;
5. implementing and maintaining internal anti-money policies and controls;
6. create procedures for the identification of potential risks associated with transactions;
7. keep records of clients and their transactions;
8. ensure the staff is undergoing continuous training.

Apart from these, a crypto business is required to continuously monitor transactions and file reports with the Financial Intelligence Unit (FIU) and the Revenue Commissioner if any suspicious financial activity arises.

With respect to the crypto license in Ireland, crypto-asset service providers must obtain CASP authorisation from the Central Bank of Ireland under MiCA.

Filing for a VASP license in Ireland

Applying for a crypto license in Ireland is no longer simpler than other financial authorisations: under MiCA it is a full CASP authorisation. The Central Bank applies MiCA requirements on governance, capital, safeguarding of client assets and conduct.

The steps to become a Virtual Asset Service Provider in Ireland implies:

1. filing an application with the Central Bank, which enables the company to pre-register for the license;
2. then, the Central Bank of Ireland will evaluate the application and confirm the VASP if it meets the licensing conditions;
3. following that, the company will obtain its Irish crypto license.

Please note that the procedure may take up to 9 months and refers to both pre-registration and registration.

Our local agents can help you set up a company in Ireland to become a Virtual Asset Service Provider.

We also invite you to read about this topic in the infographic below:

Conditions to obtain a crypto license in Ireland

The requirements to obtain an Irish cryptocurrency license are not exhaustive, as the company must file the following information with the Central Bank:

• its anti-money laundering internal regulations and policies;
• proof that the managers and shareholders of the company have no criminal records.

Ireland is a great destination to start a cryptocurrency business, which is why if want to create such a business, you can rely on our company registration officers. We can also help you apply for a crypto license in Ireland.

Appointment of officers for an Irish crypto company

Setting up a crypto business in Ireland also requires the appointment of key personnel. Among these are directors and managers who must respect the Fitness and Probity Regime. For this, purpose, a VASP must nominate agents for:

• controlled positions;
• pre-approval controlled positions.

The requirements to meet by these persons are:

• they must meet the Central Bank of Ireland's fitness and probity standards;
• they must adhere to these standards.

In addition, the appointed officers must also have a good reputation.

If you need guidance on the Fitness and Probity Regime, you can consult with our company registration agents in Ireland.

Taxation of cryptocurrency transactions in Ireland  

As a general rule, the Irish government does not impose strict regulations for cryptocurrency companies, as is the case for other European jurisdictions, but there are certain aspects that are highly regulated. 

The video below offers a short presentation on the registration of a cryptocurrency company in Ireland:

For example, investors who want to open a company in Ireland in this industry will be required to register for taxation, just like in the case of any other legal entity operating in this country. 

Entities registering profit through cryptocurrency transactions will need to register with the Irish Revenue for capital gains tax. Our team of company registration agents in Ireland can offer in-depth assistance on the tax regulations applicable in this case and it is important to know that any sum above EUR 1,270 will be imposed with a tax applicable at the rate of 31% for disposals by individuals on or after 7 October 2026 (previously 33%; companies pay corporation tax on gains). 

Cryptocurrencies accepted in Ireland   

Cryptocurrency in Ireland refers to a type of payment that is available only for online transactions and it is known as virtual money which, as a crypto-asset, is now regulated under MiCA and supervised in Ireland by the Central Bank. Ireland accepts several types of cryptocurrencies and investors who want to start the procedure of Irish company formation must also know that the country has no official cryptocurrency of its own(a private altcoin named 'Irishcoin', launched in 2014, has no official status). Although the field increased in popularity in the last years, at the moment, there are several companies that accept Bitcoin transactions. An important aspect in this sense is that in Dublin, people can use a Bitcoin ATM, which was opened in 2014. Our team of Irish company formation representatives can provide in-depth assistance on the registration of cryptocurrency businesses and can also help you obtain a cryptocurrency license.

The legislative system available here accepts several types of cryptocurrencies and investors who want to start the company formation in Ireland may perform transactions in one of the following currencies:

• Bitcoin;
• Ethereum;

Another relevant aspect of the usage of cryptocurrencies is that a wide range of businesses registered across the country allow transactions in one of the virtual currencies available in Ireland (small coffee shops, food shops, and others), even though at the moment the market is rather small. 

Types of cryptocurrency businesses in Ireland 

Since the public interest in cryptocurrencies increased at a record rate, more and more investors have developed various types of business activities operating in this sector. With the assistance of various applications for mobile devices, numerous investors have created a wide range of services that promote simpler access to the usage of cryptocurrencies. 

For example, a start-up company registered in Ireland has recently developed an application that can be used on social media platforms, which informs any party interested in this subject on what cryptocurrency is. At the same time, the users of this new app can carry out cross-currency transactions.

Other companies developed applications for wallets that can store Bitcoin and similar virtual currencies, which may be used by large companies as well, as it benefits from a complex technology. 

Further on, another start-up company is actively involved in creating smart contracts for the users of blockchain technologies. The main idea behind this type of agreement is to eliminate the assistance of a third-party, while enforcing a high degree of reliability and reducing the risks associated with cryptocurrency transactions. 

Although the cryptocurrency sector is rather new on all international markets, numerous investors have already created a wide category of businesses that use virtual currencies. Some of the most successful start-up companies carry out their business operations in the following domains:

• cryptocurrency exchange created as a business through which investors can exchange a wide range of virtual currencies;
• gaming, which is a developed field of activity across theIrish territory;
• gambling – a type of activity that is regulated by a set of rules or laws, including in the case ofgambling operations carried out in the online environment;
• cryptocurrency ATMs – Ireland was one of the first European markets that provided this type of ATM;
• selling goods – at the moment, only several types of goods can be purchased by using virtual currencies;
• payment gateways – investors usedigital tokens to transfer various types offunds;
• consultancy – specialists in the cryptocurrency sector can provide their services to those who want to invest in this industry; 
• learning platforms are created with the purpose of educating the general public on the manner in which virtual currencies work.

Why start a cryptocurrency exchange platform in Ireland? 

One of the most common ways to start a business in Ireland in this sector is by setting up a cryptocurrency exchange platform, which has as a main purpose trading activities. In this sense, it will be necessary toset up a website that should include specific technical requirements. 

A website set up for this purpose will act as a stock exchange, in which the prices of the virtual commodities will vary depending on thetrading volumes. Our team of Irish company formation consultants can provide more details in this sense. 

Why enter the gaming industry in Ireland?  

Ireland is one of the largest markets for international gaming companies. The industry provides a wide category of activities and more and more persons involved in gaming operations use virtual coins, such as Bitcoin, to purchase various products for multiplayer games. Our Irish company formation agents can help investors interested in this sector by assisting them through the entire process of company registration.

Why set up a cryptocurrency ATM in Ireland? 

Creating a network of cryptocurrency ATMs across a region could provide a rapid return on investment and reduced maintenance costs for the company that owns them and this can be an attractive business idea, as the citizens of Dublin, Ireland, have already been familiarized with this type of ATMs. 

Crypto activities in Ireland

The Irish crypto market is in full development, according to the following data:

• a 2024 market projection estimated that by the end of 2024 the revenue of this sector would reach USD 225,4 million;
• the same projection expected the market to grow by 3.90% by the end of 2025;
• at the level of 2024, the average revenue per user is approximated at USD 71.6;
• by the end of 2025, the number of users in the Irish crypto market was projected to reach 3.17 million.

Businessmen are invited to contact our team of Ireland company formation consultants for further information on the Irish cryptocurrency businesses. If you want to apply for a crypto license in Ireland, feel free to request our help.