Coinbase is now able to operate in Ireland, which enables the company to work with European clients as well.
According to a Dec. 21 announcement, Coinbase won approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). The decision enables the firm to continue providing products and services to individuals and institutions in Europe and internationally from Ireland.
The VASP registration covers Coinbase Europe Limited and Coinbase Custody International Limited, both based in Ireland. Coinbase Europe provides cryptocurrency trading services to customers in the EU zone. Coinbase Custody International offers crypto custody services to institutional customers across Europe.
The VASP registration requires Coinbase to adhere to the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended), demonstrating the company’s commitment to high compliance standards. The VASP registration follows Coinbase Ireland’s earlier authorization by the Irish Central Bank to operate as an electronic money institution, allowing the firm to issue electronic money, provide electronic payment services and handle electronic payments for third parties.
Earlier Irish Central Bank authorized Coinbase to operate as an electronic money institution. The firm can issue electronic money, provide electronic payment services and handle electronic payments for third parties.
Coinbase appointed Cormac Dinan as the new Country Director of its Ireland operations. Dinan has over 20 years of experience in financial services and fintech and will oversee business operations for regulated activities and implement a strategy for scaling the business through new technology and operational efficiencies.
Nana Murugesan, Vice President of International and Business Development at Coinbase, said that Ireland was a natural choice for Coinbase in Europe due to its talent pool, openness to industry, EU membership, and access. She added that the recent EU political agreement on MiCA offers one of the world’s most powerful regulatory frameworks for cryptocurrency. She said that Coinbase views regulation of the industry as an enabler for cryptocurrency’s growth, setting clear ground rules that will encourage innovation and strengthen trust in the sector.
The development follows Coinbase CEO Brian Armstrong’s recent statement that the firm’s turnover is expected to decrease by half this year.