Coinbase lands virtual asset provider licence from Central Bank of Ireland
Crypto exchange platform Coinbase has secured approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP), allowing the firm to continue to offer its services across Europe and the world.
Coinbase nabs VASP licence from Ireland’s Central Bank
The VASP registration covers 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.
This VASP registration means Coinbase Ireland will be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010, “demonstrating our commitment to the highest standards of compliance”, the firm says.
Under VASP, Ireland’s Central Bank reviews firms to ensure they have the necessary anti-money laundering and counter-financing of terrorism procedures in place.
Additionally, Coinbase’s Ireland operations will now be headed up by Cormac Dinan, its new country director.
Cormac, who brings more than 20 years of financial services and fintech experience to the role, will oversee operations for regulated activities and implement the firm’s strategy for scaling the business via new technology and operational efficiencies.
Dinan says: “As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures.
“Creating an environment which champions innovation while strengthening trust in crypto is something I am really eager to progress.”
