StoneX to Offer Crypto Services to European Institutions under Irish Licence

The ambition of StoneX Group for digital assets has become clear as its digital asset unit received approval from Ireland’s central bank to become a virtual asset service provider (VASP).

New Irish License for StoneX

Announced yesterday (Wednesday), the approval was granted to locally established StoneX Digital International, which can now operate as a digital asset business and will offer services to institutional clients.

“StoneX Digital International Limited’s new status as a VASP underscores our dedication to supporting our global client base with secure, compliant, and reliable solutions in the rapidly changing digital asset landscape,” said Brian Mulcahy, CEO of StoneX Digital.

“This approval continues the expansion of our services into evolving markets and helps meet the growing demand for institutional-grade digital asset capabilities.”

StoneX established its digital asset-specific unit in 2022, offering services only to institutional clients. The new Isrish license will allow the company to take those services to clients in the European Union.

The latest announcement confirmed that the Irish entity will provide execution and custody services, offering liquidity and trading tools with multiple API integration options. These services will be integrated into StoneX’s suite of global prime brokerage services.

“The approval from the Central Bank of Ireland serves to enhance our custodial and clearing capabilities,” said James McAuslan, Global Head of Prime Services and Head of Securities for EMEA at StoneX, “whilst strengthening our product ecosystem and geographical relevance in one of the EU’s leading financial centres. StoneX Digital is vital to our global expansion strategy as institutional clients increasingly seek exposure to digital assets.”

Increasing Demand for Bitcoin

The licensing came as demand for Bitcoin from retail and institutional investors had been skyrocketing. This morning, Bitcoin's dollar value breached $100,000, another much-anticipated milestone, and its market capitalisation also surpassed $2 trillion.

Meanwhile, Ireland is becoming a favourite jurisdiction for cryptocurrency companies offering services in the broader European bloc. Many companies, including Crypto.com, Ripple, Circle, and Kraken, have obtained an Irish license to secure their future in Europe.

The Irish lawmakers are also reportedly preparing legislation covering digital assets and crypto firms ahead of the broader European Union’s anti-money laundering and terror financing laws, set to be enacted on 30 December 2024.