Dorsey’s Cash App withdraws its Central Bank licence application

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Cash App is a peer-to-peer money transfer app that allows users to send and receive money as well as cryptocurrencies like bitcoin. To operate cryptocurrency services in Ireland, the company would require a virtual asset service provider (VASP) licence from the Central Bank. However the company, which is part of the wider Block group that includes Square, pulled its application in May. In accounts filed with the CRO, Block’s Cash App entity in Ireland stated that “there are no immediate plans to launch new products” through the company. A spokesman for Block confirmed the withdrawal of the licence application but did not comment further on Cash App’s European plans. Since 2021, Block has had a small team in Dublin working on Cash App ahead of a potential launch in Ireland and the rest of the EU. Cash App is active in the US market and launched in the UK in 2018 but has not expanded into any more markets since then. In recent months, Cash App has dialled back its European plans. Its parent company acquired Spanish payments app Verse three years ago with plans to integrate it into Cash App. However those plans were shelved earlier this year with some Verse staff laid off. Cash App is the latest fintech company to pull a licence application in Ireland. Alviere, a US embedded finance company, established its European base in Dublin in 2022 but pulled its electronic money application earlier this year. Vivid Money, a German Revolut competitor, pulled its e-money application as well, tempering its expansion plans in Europe. Cash App’s sister company Square, the business payments company that is also part of Block, was granted an e-money licence by the Central Bank of Ireland in 2020. Square’s European headquarters are in Dublin where it services the EU market, with moves into the Irish, Spanish and French markets in recent years. Square’s managing director for Europe Jason Lalor, who led the operations in Ireland, departed the company earlier this year to take the CEO role at another fintech firm. It is understood that Square will be announcing a new head of the Dublin operations in the coming weeks. The chief executive of Square, Alyssa Henry, recently stepped down from the post with Dorsey assuming the role alongside his duties as chief executive of parent company Block, which also comprises Tidal, the music streaming service that rivals Spotify. Dorsey is best known for co-founding Twitter but is no longer involved with the company following its acquisition by Elon Musk.

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