The new registration shows that Coinbase is "subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010.”
Coinbase, a cryptocurrency exchange established by Brian Armstrong and Fred Ehrsam in 2012, has received approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP).
According to the announcement shared on December 21st, the approval allows the crypto exchange to continue providing its services to individuals and institutions in Europe and around the world.
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On top of that, the VASP registration shows that Coinbase “will be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010.”
In the announcement, the company noted that its VASP registration applies to Coinbase Custody International Limited, which provides crypto custody services to institutional customers in Europe and Coinbase Europe Limited, which offers crypto trading services to its European clients.
When talking about the VASP registration, Coinbase Vice President of International and Business Development, Nana Murugesan, stated:
Our Irish regulatory approval demonstrates our commitment and collaboration with the Central Bank of Ireland. 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.
Along with the announcement about receiving VASP registration, Coinbase also revealed that from now on, Cormac Dinan will serve as the Director of Coinbase Ireland. The man will “oversee business operations for regulated activities and implement the firm’s strategy for scaling the business through new technology and operational efficiencies.”
Regarding his new position as the Country’s Director, Cornac Dinan noted:
I’m looking forward to strengthening Ireland’s operations and helping the sector’s continued growth. Creating an environment which champions innovation while strengthening trust in crypto is something I am really eager to progress.
At the end of its announcement, Coinbase revealed that it is working on “additional registrations or license applications” from “several major markets.”
On December 15th, Coinbase rolled out a new tool allowing users to “recover almost 4,000 unsupported ERC-20 tokens.”
