Coinbase secures Crypto Asset Service Provider approval from Ireland

By Gloria Methri

Coinbase has been granted approval by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). The digital asset platform can now offer its products and services to individuals and institutions in Europe and internationally, from Ireland.

In addition, Coinbase’s Ireland operations will now be supervised Cormac Dinan, its new Country Director. Dinan brings more than 20 years of financial service and FinTech experience to the role.

The VASP registration brings Coinbase Ireland under the purview of the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended). The registration covers two entities: Coinbase Europe Limited, and Coinbase Custody International Limited, both of which are based in Ireland.

The company has been active in Ireland since 2018, and engaged in various activities, including Market Operations, Compliance, Cybersecurity, Legal and Customer Experience. Dinan will oversee business operations for regulated activities and implement the firm’s strategy for scaling the business.

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