Coinbase Receives Official Permission From Irish Authorities

2022 has been a significant year for Coinbase's foreign development, and we are glad to offer some extra excellent news! The Central Bank of Ireland has given Coinbase permission to operate as a Virtual Asset Service Provider (VASP), which means that Coinbase may continue to deliver goods and services to people and institutions in Europe and throughout the world from Ireland. Furthermore, Coinbase's Ireland activities will now be overseen by Cormac Dinan, our new Country Director. Cormac brings over 20 years of expertise in financial services and fintech to the post, and we are thrilled to have him on board.

Coinbase Ireland will be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended) as a result of our VASP registration, proving our commitment to the highest levels of compliance.

The VASP registration includes two Coinbase firms, both of which are located in Ireland: Coinbase Europe Limited and Coinbase Custody International Limited. Coinbase Europe offers cryptocurrency trading services to users in Europe, while Coinbase Custody International offers cryptocurrency custody services to institutional customers across Europe.

Coinbase has been present in Ireland since 2018, participating in a variety of tasks such as Market Operations, Compliance, Cybersecurity, Legal, and Customer Experience. Cormac will supervise regulated business operations and execute the firm's plan for developing the company via new technology and operational efficiency, all while ensuring clients continue to experience secure and frictionless transactions.

“As the most reputable and secure crypto exchange, Coinbase has improved its technology and regulatory processes with the sector as it evolves. I'm excited to boost Ireland's operations and contribute to the sector's sustained development. ”I am really excited to work on creating an atmosphere that promotes innovation while boosting confidence in cryptocurrency, stated Cormac Dinan.

The VASP registration was implemented in Ireland in 2021, and it requires the Central Bank to examine enterprises to ensure they have an acceptable anti-money laundering and counter-terrorism funding processes. This VASP registration follows Coinbase Ireland Limited's prior authorization to operate as an electronic money institution by the Irish Central Bank (EMI). This enables Coinbase to create electronic money, provide electronic payment services, and process electronic payments on behalf of other parties.

Ireland has been a natural home for Coinbase in Europe, not just because of its talent pool and openness to business, but also because of its EU membership and access. The recent EU political agreement on MiCA is a tremendous step forward, providing one of the most important legal frameworks for cryptocurrency internationally. Our clearance by the Central Bank of Ireland indicates our dedication to and partnership with the Central Bank of Ireland. “Coinbase sees industry regulation as a facilitator for crypto's development, creating an atmosphere that stimulates innovation and improves confidence in the sector,” said Nana Murugesan, Vice President, International, and Business Development at Coinbase.

Coinbase services consumers in around 40 European nations through specific hubs in Ireland, the United Kingdom, and Germany. In order to comply with local rules, further registrations or licensing applications are being processed in a number of important markets.

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