Coinbase Gets VASP License by The Central Bank of Ireland

On Dec. 21, 2022, Coinbase announced that the firm successfully registered with the Central Bank of Ireland as a Virtual Asset Service Provider (VASP). The crypto exchange also introduced Cormac Dinan as the new Country Director for Ireland.

Coinbase’s Europe Expansion

In its official blog, Coinbase mentioned “2022 as a meaningful year for its international expansion.” This week, Coinbase granted approval by the Central Bank of Ireland to operate as a VASP. It means that the crypto exchange can continue to provide products and services to individuals and institutions in Europe and internationally, from Ireland.

In addition, Coinbase’s Ireland operations will now be under the steady hand of Cormac Dinan, its new Country Director. It must be noted that this VASP registration means “Coinbase Ireland will be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended).”

In the VASP registration, “it will cover two Coinbase entities: Coinbase Europe Limited, and Coinbase Custody International Limited, both of which are based in Ireland.” Coinbase Europe provides crypto trading services to customers in Europe, and Coinbase Custody International provides crypto custody services to Institutional customers across Europe.

The Official Statements

The new Country Director for Ireland, Cormac Dinan said “As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures. I’m looking forward to strengthening Ireland’s operations and helping the sector’s continued growth. Creating an environment which champions innovation while strengthening trust in crypto is something I am really eager to progress.”

Nana Murugesan, Vice President, International and Business Development at Coinbase said “Ireland has been a natural home for Coinbase in Europe, not least because of its talent pool and openness to industry, but also because of its EU membership and access. The recent EU political agreement on MiCA is a hugely positive step, offering one of the most globally significant regulatory frameworks for crypto. Our Irish regulatory approval demonstrates our commitment and collaboration with the Central Bank of Ireland. Coinbase views regulation of the industry as an enabler for crypto’s growth, setting clear ground rules that will create an environment which encourages innovation and strengthens trust in the sector.”

Additionally, the Chief Executive Officer and Co-Founder of Coinbase, Brain Armstrong, wrote in another Coinbase’s blog titled “Regulating Crypto: How we move forward as an industry from here.” In which he outlined “a realistic blueprint to ensure that Coinbase has regulatory clarity for centralized actors, and a level playing field across exchanges, while preserving the decentralized crypto innovations that will bring enormous benefits to the world.”