Ireland central bank granted permission to Coinbase to operate as VASP
Recently Ireland central bank granted permission to Coinbase to operate as a virtual asset service provider (VASP). The firm revealed the update through a blog post. Ireland central bank is a member of the European System of Central Banks. Coinbase now can provide products and services to individuals and institutions in Europe and internationally, from Ireland.
The exchange stated that Coinbase will follow regulatory guidelines. This VASP registration subjects Coinbase Ireland to the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended). The company claims that two Coinbase entities, Coinbase Europe Limited and Coinbase Custody International Limited are covered by the VASP registration granted by Ireland's central bank.
Ireland central bank has issued numerous cautionary statements against dealing with unregistered VASPs and purchasing virtual currency (VCs). It has warned against using bitcoin and ether which are unregulated VCs as a form of payment in April 2021. In March 2022, the Irish central bank released a further statement that serves as a new caution on the hazards of investing in crypto assets.
The new EU political agreement on MiCA is a massively good development that provides one of the most important regulatory foundations for cryptocurrencies.
The CEO also stressed the significance of the political agreement reached by the European Union on the Markets in the Crypto-Assets framework, which serves as one of the most important regulatory frameworks for cryptocurrencies globally.
The revelation comes after Coinbase received in Principle approval from Singapore's central bank in October, allowing it to function as a VASP and offer goods and services in the island nation.
Coinbase also has dedicated centers in the UK and Germany along with Ireland. In September the crypto exchange was registered with De Nederlandsche Bank which is the central bank of the Netherlands, allowing it to offer crypto products to retail and institutional clients throughout the nation.
The cryptocurrency trading platform Gemini became a VASP with the Central Bank of Ireland in July 2022, becoming the first firm in the space to do so.
In 2018, Coinbase started operating in Ireland. The business has engaged in a number of endeavors that includes market operations, compliance, cybersecurity, legal, and customer experience. When Ireland's central bank granted Coinbase an e-money license in 2019, it secured passports for consumers throughout the EU and European Economic Area. This was the company's first license in the nation.
CBW - External Analyst