Digital payments in the Irish gaming industry could be set for a major shake-up following a recent decision by the Central Bank of Ireland (CBI). The country’s financial services regulator has rubber-stamped the registration of Zodia Markets as a Virtual Asset Service Provider (VASP) in Ireland. The Standard Chartered backed digital asset exchange and brokerage platform has previously received crypto-asset registration from the United Kingdom’s Financial Conduct Authority (FCA). It was also recently handed in-principle approval Abu Dhabi Global Markets (ADGM), strengthening its position as a trusted partner for digital asset trading. The VASP registration in Ireland will allow Zodia to provide cryptocurrency trading and exchange services to clients across a vast array of sectors.
With crypto offering sizeable cost savings when compared with other digital payment options, it is an attractive proposition for any organisation striving to reduce its overheads.The gaming industry could be one of the first sectors to benefit, with the firm’s registration opening the door for an increased number of payments to be made using crypto. For example, gamers on PlayStation will potentially be able to fund their gaming activities via crypto rather than using debit cards, e-Wallets or other methods.
While the PlayStation Store does not currently facilitate crypto payments, platforms such as Bitrefill allow gamers to use different cryptocurrencies to purchase gift cards. These can then be used to make instant purchases at the PlayStation Store.
Zodia’s registration with several respected financial services regulators may ultimately persuade Sony to introduce crypto as an option in the future, especially with younger adults increasingly gravitating towards this payment method. The associated online gambling sector may also be able to leverage Zodia’s platform to their advantage by adding crypto to their range of payment options.
While a handful of Irish betting apps already facilitate crypto deposits and withdrawals, widespread adoption of this payment mode has yet to happen. Many sports bettors and casino players are eager to use crypto to fund their wagering activities due to the anonymity and increased levels of security it affords to them.
The VASP registration gives the Zodia platform the legitimacy it needs to flourish in Ireland, particularly given that it is backed by one of the most reputable financial institutions in the world. Michael Walsh, CEO of Zodia Markets Ireland and Head of Distribution, said: “VASP registration is an exciting development for Zodia Markets, and we’re delighted to be part of the burgeoning Irish digital assets ecosystem.
“The registration will act as a launchpad for the business to enter the European Union – a market where we see significant opportunity and demand for our offering, and it paves the way for future Markets in Crypto-Assets Regulation (MiCA) authorisation when the regulations are implemented.
“We believe our VASP registration is further testament to the highest standards of compliance, security and risk procedures that run throughout the business, and which make us a trusted partner for our clients.”