Crypto exchange Coinbase has been approved by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP) within the country.
Coinbase will now be able to provide its products and services to individuals and institutions within the Emerald Isle, as well as other European and international jurisdictions from its base in Ireland. Cormac Dinan will oversee operations within the country as Coinbase’s new Ireland Director.
The VASP registration grants Coinbase Europe the opportunity to provide its crypto trading services to customers within Europe, along with Coinbase Custody International being able to provide its crypto custody services to markets beyond the continent.
“As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures,” said Dinan.
“I’m looking forward to strengthening Ireland’s operations and helping the sector’s continued growth. Creating an environment which champions innovation while strengthening trust in crypto is something I am really eager to progress.”
Coinbase has been an active market in Ireland since 2018, engaging in market operations, compliance, cybersecurity, as well as legal and customer experience. Cormac will preside over regulated activities and scaling the business through new technology to ensure customer safety.
Ireland introduced the VASP registration in 2021, requiring the Central Bank of Ireland to review firms who have appropriate procedures surrounding AML and counterfeiting the financing of terrorism.
Coinbase’s VASP registration allows the crypto firm to operate as an electronic money institution to issue digital money, provide electronic payment services, and handle electronic payments for third parties.
Nana Murugesan, Vice President, International and Business Development at Coinbase, added: “Ireland has been a natural home for Coinbase in Europe, not least because of its talent pool and openness to industry, but also because of its EU membership and access.
“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.”