2022 has been a challenging year for many crypto exchanges, and few even crashed in the like of FTX, Alameda, and Binance is following suit. However, before the wrap of 2022, we are happy to share some exciting news about Ireland, Coinbase, and the crypto world. It has been a significant year for Coinbase’s global exposure. The news is an addition to a brilliant year.
The Central Bank of Ireland has given Coinbase permission to operate as a Virtual Asset Service Provider (VASP), allowing it to continue offering goods and services from Ireland to people and organizations in Europe and around the world.
Director operation Ireland
Additionally, Cormac Dinan, the company’s new country director, will now oversee Coinbase’s operations in Ireland. Cormac brings more than 20 years of experience in financial services and technology to the position, and the business is overjoyed to have him on board.
Upon securing the position of Country Director, Cormac Dinan said that as the most reliable and secure cryptocurrency exchange, Coinbase has grown in both technological and regulatory practices. Additionally, he is excited to improve Ireland’s operations and support the industry’s continued expansion.
He further added that he is extremely motivated to advance the idea of fostering an environment that supports innovation while enhancing public confidence in cryptocurrencies, Coinbase, and Virtual Asset Provider (VASP) in Ireland.
Because of its VASP registration, Coinbase will be held to the highest compliance standards under the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended).
Furthermore, two Coinbase companies, Coinbase Europe Limited and Coinbase Custody International Limited, both with Irish addresses, are covered by the VASP registration. Customers in Europe can trade cryptocurrencies using Coinbase Europe, and Institutional customers can store their cryptocurrency assets with Coinbase Custody International.
Coinbase, VASP, and Ireland
Since 2018, Coinbase has operated in Ireland, participating in a range of activities such as market operations, compliance, cybersecurity, legal, and customer experience. While ensuring that clients continue to experience secure and seamless transactions, Cormac will oversee business operations for regulated activities and put into practice the company’s strategy for growing the business through new technology and operational efficiencies.
The VASP registration was implemented in Ireland in 2021, and it calls for the Central Bank to evaluate businesses to make sure they have the right anti-money laundering and counter-terror financing policies in place.
This VASP registration comes after Coinbase Ireland Limited was previously given permission to function as an electronic money institution by the Irish Central Bank (EMI). This enables Coinbase to issue digital currency, offer digital payment solutions, and manage digital payments on behalf of third parties.
Through specialized hubs in Germany, the UK, and Ireland, Coinbase provides services to customers in around 40 different European nations. In accordance with regional legislation, additional registrations or license applications are ongoing in a number of important markets.
Moreover, Nana Murugesan, Vice President, International, and Business Development at Coinbase, shared his views regarding the collaboration of the Central Bank of Ireland and Coinbase. He said that because of its talent pool, openness to business, and access to the EU, Ireland has been a natural home for Coinbase in Europe.
Additionally, he added that the new EU political agreement on MiCA is a very encouraging development because it provides one of the most important regulatory frameworks for cryptocurrencies anywhere in the world. The Central Bank has its commitment and cooperation, as evidenced by Irish regulatory approval.
Further, he added that industry regulation could help the cryptocurrency business flourish by establishing clear guidelines that will foster innovation and increase public confidence in the industry.