Cryptocurrency exchange Coinbase has received a VASP (Virtual Asset Service Provider) registration from the Central Bank of Ireland, according to an official announcement.
The crypto exchange’s operations in Ireland will be led by Cormac Dinan, a former alumni of Citigroup, Deloitte, and Crypto.com. The VASP license puts Coinbase Ireland under the jurisdiction of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
So far, 2 Coinbase subsidiaries are currently covered by VASP registration, namely Coinbase Europe Limited and Coinbase Custody International Limited. Coinbasse Europe Limited enables crypto trading services to customers in Europe, while the second one enables global clients across Europe to perform crypto custody services.
According to Coinbase’s VP for global and business development, the Irish legislation approval proves the company’s collaboration with Irish central bank. From Coinbase’s point of view, regulating the crypto industry can be seen as a catalyst for growth, since it will establish clear ground rules which will lead to an ecosystem where innovation is encouraged and trust is stronger.
Coinbase’s VP also put emphasis on the importance of the EU’s MiCA – Markets in Crypto-assets framework. According to the executive, the EU must reach a political agreement for providing a crucial regulatory framework for the global crypto industry.
Coinbase concluded by adding that other license applications and registrations will follow in a number of other major markets.