Ireland’s central bank has authorized Coinbase to function as a Virtual Asset Service Provider (VASP).
The firm will now be able to legally operate out of Ireland and continue serving customers throughout Europe and beyond. Cormac Dinan, previously of Crypto.com, Deloitte, and Citi, has been named director of national operations for Coinbase.
Coinbase Europe Limited and Coinbase Custody International Limited are covered by this registration, making Coinbase Ireland a subject of the Criminal Justice Money Laundering and Terrorist Financing Act 2010. The former facilitates cryptocurrency trading; the latter offers secure storage for cryptocurrency.
The Irish Central Bank has previously approved Coinbase Ireland Limited to function as an EMI, enabling the firm to issue e-currency, provide e-payment services, and process e-payments on behalf of others.
As a member of the European Union with easy access to the rest of the continent, Ireland was an obvious choice as Coinbase’s European headquarters for several reasons. The v.p. of international and business development, Nana Murugesan, explained that for Coinbase, regulation was a facilitator for the development of the cryptocurrency business because it established clear ground rules that create an atmosphere that stimulates innovation and improves confidence in the sector.
By establishing regional offices in Ireland, the United Kingdom, and Germany, Coinbase can provide its services to consumers in over 40 European states. Several other markets are now processing further registrations or license applications.