Crypto

Coinbase approved to provide crypto trading, custody in Ireland

Coinbase has received a license to serve as a virtual asset service provider from the Central Bank of Ireland, the country’s financial services regulator.

Coinbase

This makes the Nasdaq-listed crypto exchange operator the second major digital asset center to register business in Ireland. The registration covers two entities: Coinbase Europe Limited and Coinbase Custody International Limited, both based in Ireland. Coinbase Europe provides crypto trading services to clients in Europe, while Coinbase Custody International provides crypto custody to institutional clients.

Coinbase’s Irish operations will be led by Cormac Dinan, who has nearly two decades of experience in financial services and fintech.

VASP registration was introduced in Ireland in 2021 and the regulation requires authorities to screen businesses to ensure they have appropriate anti-money laundering and anti-terrorist financing procedures in place.

Moving to Ireland will also provide access to the country’s financial and tech talent pools for Coinbase, although the country is not as lax as some other jurisdictions in Europe, such as Gibraltar or Malta.

From Dublin, Coinbase will be able to build and launch products and services for European customers. Additionally, the stock trader can build strategic relationships with global banks, especially as the lingering uncertainty around Brexit continues to weigh on the ecosystem.

The Central Bank of Ireland, the country’s financial services regulator, has approved Coinbase accept cryptocurrency transactions in Euros and British Pounds. The platform allows retail customers and institutions to open a Coinbase account to deposit, trade, and hold around 100 cryptocurrencies, including DeFi tokens.

Irish Fintechs and other companies can also access Coinbase’s crypto-native services such as custody, clearing, trade execution, price discovery, and portfolio management services.

“Ireland has been a natural home for Coinbase in Europe, not least because of its talent pool and industry openness, but also because of its EU membership and access. The EU’s recent political agreement on MiCA is a hugely positive step, providing one of the world’s most important regulatory frameworks for crypto. Our Irish regulatory approval demonstrates our commitment and collaboration with the Central Bank of Ireland. Coinbase sees industry regulation as a catalyst for crypto growth, establishing clear ground rules that will create an environment that encourages innovation and builds trust in the industry,” said Nana Murugesan, Vice President , International and Business Development at Coinbase.

#Coinbase #approved #provide #crypto #trading #custody #Ireland #Crypto

Related Articles

Back to top button