Cryptocurrency exchange Coinbase has been approved by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP).
The approval means the company can continue to provide products and services from Ireland. The exchange said that operations in the country will be led by Cormac Dinan, who previously held positions at Crypto.com, Deloitte and Citi.
Coinbase Approved in Ireland
Coinbase Ireland will henceforth be subject to the Criminal Justice Money Laundering and Terrorist Financing Act. The approval includes the company’s Coinbase Europe Limited and Coinbase Custody International Limited. The former provides crypto trading services to clients in Europe, while the latter provides crypto custody to institutional clients.
The Irish branch of the exchange is currently authorized by the Central Bank of Ireland to operate as an electronic money institution (EMI). The bank allows the company to issue digital currency, provide electronic payment services and make electronic payments for third parties.
Nana Murugesan, the exchange’s vice president of international and business development, said:
“Ireland has been a natural home for Coinbase in Europe, not only because of its openness to the industry, but also because of its EU membership and accessibility”
The exchange serves customers in around 40 European countries through its Irish branch.