Coinbase was granted approval by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP).
Bitcoin exchange According to a statement made on December 21 by the Central Bank of Ireland, Coinbase has been given authorization to function as a Virtual Asset Service Provider (VASP).
Cormac Dinan, a former employee of Crypto.com, Deloitte, and Citigroup, will be in charge of the company’s activities in the nation. Coinbase Ireland will be governed by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as a result of the VASP registration.
The VASP registration includes Coinbase Europe Limited and Coinbase Custody International Limited as covered entities. While Coinbase Custody International offers institutional clients around the area crypto custody services, the first offers cryptocurrency trading services to consumers in Europe.
The permission was discussed by Nana Murugesan, vice president of international and business development at the crypto exchange: “Our Irish regulatory approval demonstrates our commitment and collaboration with the Central Bank of Ireland.
Coinbase views regulation of the industry as an enabler for crypto’s growth, setting clear ground rules that will create an environment which encourages innovation and strengthens trust in the sector.
“The CEO also stressed the significance of the political agreement reached by the European Union on the Markets in Crypto-Assets Framework (MiCA), which serves as one of the most important regulatory frameworks for cryptocurrencies globally. Additional registrations or license applications “are in progress in several key markets,” according to Coinbase.
In 2018, the crypto exchange opened an office in Ireland in response to worries about how Brexit may affect its operations in other EU nations. The business has since engaged in a number of endeavors, including market operations, compliance, cybersecurity, legal, and customer experience.
When Ireland’s central bank granted Coinbase an e-money license in 2019, it secured passporting for users throughout the EU and the European Economic Area. This was the company’s first license in the nation (EEA).
Along with Ireland, Coinbase also has dedicated centers in the UK and Germany, albeit the latter nation is now in the news because the crypto exchange outsourced some of its crucial banking activities there.
The business received approval from De Nederlandsche Bank (DNB), the Netherlands’ central bank, to provide its institutional and retail crypto goods in the nation in September. In July 2022, cryptocurrency trading platform Gemini became the first company in the industry to register with the Central Bank of Ireland as a VASP.
