Financial news

The Central Bank of Ireland grants Coinbase a licence to operate as a virtual asset service provider (VASP). This means the company can continue to provide products and services to individuals and institutions in Europe and internationally, from Ireland.

Following the VASP registration, Coinbase Ireland is subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010. All VASPs established in Ireland are required to register with the Central Bank for AML/CFT purposes.

Coinbase has been active in Ireland since 2018. The VASP registration covers two entities: Coinbase Europe Limited, and Coinbase Custody International Limited, both of which are based in the country.

Coinbase Europe provides crypto trading services to customers in Europe, while Coinbase Custody International provides crypto custody services to Institutional customers across Europe.

New hire

In addition, the cryptocurrency exchange platform has named Cormac Dinan as its new country director. He will oversee business operations for regulated activities, as well as implement the firm’s strategy for scaling the business through new technology and operational efficiencies. He will also ensure customers “continue to enjoy secure and seamless transactions”.

Dinan commented: “As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures. 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.”

The VASP registration follows the company’s earlier authorisation by the Irish Central Bank to operate as an electronic money institution (EMI). It also says additional registrations or licence applications are in progress in other major markets.

“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,” said Nana Murugesan, Coinbase’s VP of international and business development.