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The company’s registration means that it will be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010.
Crypto exchange Coinbase has successfully registered with the Central Bank of Ireland as a virtual asset service provider (VASP).
In a statement, the company said that this demonstrates a “commitment to the highest standards of compliance”.
VASP registration was introduced in Ireland last year. It requires the Central Bank to reviews firms to ensure they have appropriate procedures around anti-money laundering and countering the financing of terrorism.
Cryptocurrency exchange Gemini received the first VASP registration in the country earlier this year.
The regulatory approval means that Coinbase Ireland will now be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010.
It will cover two Coinbase entities based in Ireland, which provide crypto trading services and crypto custody services to customers across Europe.
The news comes a few weeks after Coinbase announced Cormac Dinan as its country leader for Ireland.
“As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures,” said Dinan.
“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.”
Founded in San Francisco in 2012, Coinbase has grown to become one of the largest crypto exchanges. In 2021, it went public via a direct listing on Nasdaq, marking a watershed moment for the crypto industry.
The company has been active in Ireland since 2018, engaged in various activities such as market operations, compliance, cybersecurity, legal and customer experience.
Coinbase’s vice-president for international business development, Nana Murugesan, said Ireland is a natural home for the company for both its talent pool and its EU membership.
“The recent EU political agreement on MiCA is a hugely positive step, offering one of the most globally significant regulatory frameworks for crypto,” he added,
“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.”
The news comes at a time when the crypto industry has come under severe scrutiny due to the FTX fallout, which saw the arrest of its founder Sam Bankman-Fried.
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