Moonpay (a crypto firm) gets CBI approval

Sheep Shagger

A bit mad Revolut can't get an Irish banking license (and they weren't the only ones) but the CBi grant one to a crypto firm that also deals in NFTs.

What could possibly go wrong lol.

https://m.independent.ie/business/irish/cryptocurrency-firm-moonpay-opens-an-irish-office-after-getting-central-bank-license/a80451494.html

Jim2007

Am I missing something, was Revolut refused a VASP approval?

Repo101

Revolut and MoonPay aren't similar at all. It's also hardly surprising that Revolut killed plans to become a full bank here earlier this year. The Central Bank loves collecting data and making regulations that it doesn't understand.

Jim2007

https://www.boards.ie/discussion/comment/120996993#Comment_120996993

Really, and what specifically would those requirement be and why would any bank including Revolut be given a pass on meeting the same standards as everyone else? Keeping in mind that the tax payer is on the hook for the depositors guarantee on this, why should they be exposed to the risks on a bank that does not meet the standard criteria??? And how would they justify it in the context of EU competition rules?

Repo101

https://www.boards.ie/discussion/comment/120997377#Comment_120997377

I'm not speaking about Revolut's case, I'm just making a point about my own experience, like introducing new rules for ONR returns without testing them properly, inability to speak to anyone about changes, the manner in which they aggregate data, e.g. some ONR returns are a complete mess. Reporting quarterly when the ONR system is just comparing two numbers (i.e. It can't tell the difference between y/e figures @ Q4 Year 1 v Q1 Year 2. Just looks for a 20% variance) etc.

Of course, everyone should be held to the same standard.

Jim2007

https://www.boards.ie/discussion/comment/120997430#Comment_120997430

But we are talking specifically talking about Revolut and Moonpay! And on top of that your comments refer to procedural and operational issues. Please post on topic if you wish to continue.

Repo101

https://www.boards.ie/discussion/comment/120999075#Comment_120999075

OP posted about Revolut/MoonPay and you started waffling about deposit guarantees, whatever floats your boat. You asked me a question I answered it. Procedure ground in regulation btw, you seem to have trouble grasping some simple points.

Jim2007

https://www.boards.ie/discussion/comment/121002933#Comment_121002933

I did and I'm still waiting for you to point to are regulation....