Coinbase has published a blog post on the official website to announce that it has received regulatory approval in Ireland after registering with the region’s Central Bank. The blog post further shares that Cormac Dinan is now on board with the platform as its Country Director in Ireland.
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Coinbase is one of the most valuable public companies in the United States of America. Securing regulatory approvals in different regions is a great way for the crypto venture to expand its presence across the world securely.
The regulatory approval allows Coinbase to continue its operations with Ireland as the main hub. Other hubs are the United Kingdom and Germany. Operations are accessible across the European Union to individuals and institutions alike. The functions of Coinbase are now similar to that of a Virtual Asset Service Provider.
Regulatory approvals bring the crypto exchange platform under the Criminal Justice Money Laundering & Terrorist Financing Act 2010, demonstrating its commitment to comply with the regulations of high standards duly. The two entities covered by the regulatory approval are:-
- Coinbase Custody International Limited provides crypto custody services to institutional customers across Europe.
- Coinbase Europe Limited – The venture provides services related to crypto trading to customers across Europe.
The development follows the authorization by the Irish Central Bank that allowed Coinbase to operate as an electronic money institution, also known as EMI. It allows Coinbase to provide and handle electronic payment services for third parties.
Nana Murugesan, the Vice President for International & Business Development at Coinbase, has stated that regulatory approval demonstrates the venture’s commitment to collaborate with the Central Bank, allowing it to act as an enabler for the growth of cryptocurrency. Nana added that regulatory approvals set a clear set of ground rules to encourage innovation and strengthen trust.
Nana Murugesan also addressed the recent development in the European Region, where an agreement on MiCA has finally reached the conclusive phase. He said the agreement was a hugely positive step in offering one of the most significant frameworks for cryptocurrency.
Cormac joins the company, carrying a valuable experience of 20 years in financial service and fintech. He is tasked with handling the operations for the region, specifically relating to Ireland. One of the many objectives of Cormac is to implement a strategy that aims to scale the venture through increased efficiencies and technology with no compromise in the security aspect.
Calling Coinbase the most trusted and secured crypto platform, Cormac appreciated the platform’s efforts invested in developing the technology and moving forward with regulatory procedures. He has highlighted that he will take up the role of creating an environment that champions innovation while strengthening the trust in the cryptosystem.
Source: https://www.cryptonewsz.com/cormac-dinan-coinbases-new-director-following-the-central-bank-of-irelands-approval/