The Central Bank Of Ireland Permits Coinbase To Begin Operating As A VASP

Key Points:

• Coinbase has been given a license to operate as a VASP by the Central Bank of Ireland, allowing the company to continue serving customers across Europe and beyond from its Irish base.

• Coinbase Europe provides trading services to European users, while Coinbase Custody International handles cryptocurrency storage for European institutions.

On a corporate blog post, Coinbase has received VASP approval in Ireland. According to the firm, Ireland’s central bank has licensed the company to offer products and services to European and worldwide customers from Ireland.

The Central Bank of Ireland granted Coinbase a license to operate as a VASP, allowing the company to continue serving customers across Europe and beyond from its Irish base. The Criminal Justice Money Laundering and Terrorist Financing Act of 2010 will apply to the Ireland branch as a result of their VASP registration (as amended).

The VASP registration applies to both of Coinbase’s Irish companies, Europe Limited and Custody International Limited. The Europe branch offers trading services for customers in Europe, while the Custody International caters to the cryptocurrency storage needs of European institutions.

Coinbase not only hired Cormac Dinan as the national director for Ireland, but also received regulatory approval from the Irish government. Coinbase’s v.p. of international and business development, Nana Murugesan, said in a statement released on Wednesday that Ireland was a “natural home” for the company in Europe because of its talent pool and openness to industry, but also because of its EU membership and access. With one of the most consequential regulatory frameworks for crypto on the planet, “the latest EU political agreement on MiCA is a highly encouraging move,” Murugesan said.

Prior to this, on November 28th,the firm announced the addition of four new executives to steer the company’s European expansion. Coinbase has made strategic hires at the top levels of its European team in preparation for aggressive growth in the region. Former Crypto.com general manager Cormac Dinan has been named the Ireland director, and former Bittrex chief compliance and risk officer Michael Schroeder has been named head of internal control in Germany. Furthermore, Elke Karskens has been named the UK Director, and Patrick Elyas has been named Director of Market Development for EMEA at Coinbase.

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