The word “Fintech” can mean vastly different things to different people. However, regardless of whether your business is trading crypto-currencies, disrupting retail banking or something completely different, you will face similar issues to other firms in dealing with regulated or unregulated products/offerings. If you have (or intend to have) customers then Know Your Customer (KYC), Anti-Money Laundering (AML), data protection (e.g. GDPR) and consumer protection (in the case of B2C) are all areas that you should be thinking about.
While crypto-currencies are not generally regulated instruments in the eyes of the Central Bank of Ireland, this does not mean that they are not subject to regulatory provisions with regards to customer protection and market operations. Whether you are a virtual asset service provider (VASP) facilitating crypto-currency trades or proprietary trading, there is no doubt that doing the right thing will positively impact your bottom line and future-proof your business in terms of adapting to a changing regulatory landscape.
The Irish government is committed to developing Ireland as a global leader in the financial services sector, which has been accelerated by Brexit and continues to grow at pace. Ireland is already recognised as a technology centre of excellence and is therefore a natural fit for the Fintech industry.
At RegSol, we deal with many Fintech firms across a broad spectrum of activities and can help you navigate the tricky waters of compliance in the Irish market. Contact us
today to discuss your requirements and we will be very glad to assist.