Coinbase approved as Virtual Asset Service Provider by Irish central bank

Coinbase was granted approval by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP).

The registration means the company can continue to provide products and services to individuals and institutions in Europe and internationally from Ireland. Coinbase also said country operations will be led by new director Cormac Dinan, formerly of Crypto.com, Deloitte and Citi.

Coinbase Ireland will now be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010, and the registration covers two Coinbase entities: Coinbase Europe Limited, and Coinbase Custody International Limited. The former provides crypto trading services to customers in Europe, while the latter provides crypto custody services to institutional customers. 

Coinbase Ireland Limited’s already has authorization by the Irish Central Bank to operate as an electronic money institution (EMI), allowing the company to issue electronic money, provide electronic payment services and handle electronic payments for third parties.

“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," said Nana Murugesan, vice president of international and business development. "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,”

Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the UK, and Germany. Additional registrations or license applications are in progress in several other markets.