Coinbase has secured regulatory approval by the Central Bank of Ireland to act as a virtual asset service provider (VASP), where the company’s operations in the country will be overseen by Cormac Dinan, a former employee of Crypto.com, Deloitte and Citigroup.
In addition, Coinbase’s Ireland operations will now be under the hand of Cormac Dinan, the company’s new Country Director. Cormac brings more than 20 years of financial service and fintech experience to the role.
Under the VASP registration, Coinbase Ireland will be subject to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.
The VASP registration covers two Coinbase entities: Coinbase Europe Limited, and Coinbase Custody International Limited, both of which are based in Ireland. Coinbase Europe provides crypto trading services to customers in Europe, and Coinbase Custody International provides crypto custody services to Institutional customers across Europe.
Coinbase has been active in Ireland since 2018, engaged in various activities, including Market Operations, Compliance, Cybersecurity, Legal and Customer Experience. Cormac will oversee business operations for regulated activities, and implement the firm’s strategy for scaling the business through new technology and operational efficiencies, while ensuring customers continue to enjoy secure and seamless transactions.
Commenting on the role, Dinan said:
“As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures. 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,”
The VASP registration was introduced in Ireland in 2021 and requires the Central Bank to review firms to ensure they have appropriate procedures around anti-money laundering and countering the financing of terrorism.
Nana Murugesan, vice president for international and business development at Coinbase, commented on the approval:
“Ireland has been a natural home for Coinbase in Europe, not least because of its talent pool and openness to industry, but also because of its EU membership and access. The recent EU political agreement on MiCA is a hugely positive step, offering one of the most globally significant regulatory frameworks for crypto.
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,”