Coinbase secures European customers via Ireland
Coinbase, the largest cryptocurrency exchange in the United States, has been registered by the Central Bank of Ireland as a virtual asset service provider (VASP), which allows the crypto exchange to continue to provide products and services to individuals and institutions in Europe, from Ireland.
Additionally, Cormac Dinan has been made country director of Coinbase Ireland. Dinan was previously general manager of Crypto.com Ireland and director of Deloitte Ireland.
Coinbase said: “This VASP registration means that Coinbase Ireland will be subject to the Criminal Justice Money Laundering and Terrorism Financing Act 2010.”
The VASP registration covers two Coinbase entities, Coinbase Europe and Coinbase Custody International, 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.
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‘Ireland has been a natural home for Coinbase’
Nana Murugesan, vice-president of 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.”
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.”
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