Coinbase secures VASP registration in Ireland
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Crypto exchange Coinbase has been granted permission by the Central Bank of Ireland to act as a Virtual Asset Service Provider (VASP), according to a Dec. 21 announcement. The company’s operations in the country are overseen by Cormac Dinan, a former employee of Crypto.com, Deloitte and Citigroup.
As part of the VASP registration, Coinbase Ireland is subject to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
Two Coinbase entities are covered by VASP registration: Coinbase Europe Limited and Coinbase Custody International Limited. The first offers crypto trading services to European clients, while Coinbase Custody International offers crypto custody services to institutional clients across the region.
Nana Murugesan, Vice President of International and Business Development at Coinbase, commented on the approval:
“Our regulatory approval in Ireland demonstrates our commitment and collaboration with the Central Bank of Ireland. Coinbase views industry regulation as enabling crypto’s growth and sets clear ground rules that create an environment that encourages innovation and fosters trust in strengthens the sector.”
The executive also stressed the importance of the European Union’s political agreement on the Markets in Crypto-Assets Framework (MiCA) in providing one of the most significant regulatory frameworks for crypto globally. According to Coinbase, additional registrations or license applications are “underway in several major markets.”
Related: Regulatory and privacy concerns dog SEC threat to Coinbase
In 2018, Coinbase began operations in Ireland following concerns about the impact of Brexit on its operations in EU countries. Since then, the company has engaged in various activities including market operations, compliance, cybersecurity, legal and customer experience. Coinbase received its first license in the country in 2019 when the Central Bank of Ireland granted it an e-money license that secured passport for customers across the EU and European Economic Area (EEA).
In addition to Ireland, Coinbase has dedicated hubs in the UK and Germany; In the latter country, Coinbase is under scrutiny due to the outsourcing of some of its core banking operations. In September, the company was registered with De Nederlandsche Bank (DNB), the central bank of the Netherlands, allowing the crypto exchange to offer its retail and institutional crypto products in the country.
Crypto trading platform Gemini was the first company in the industry to register as a VASP with the Central Bank of Ireland in July 2022.
