Popular crypto exchange, Coinbase has secured a regulatory approval to offer virtual asset services in Ireland. The notable exchange confirmed the development in a Tuesday blog statement. According to Coinbase, it received the approval through the apex bank in the country.
Occasioned by this approval, Coinbase is now living up to its expectation of providing digital products and services to individuals and institutions in Europe and internationally. Notably, the exchange said it intends to place its operations in Ireland under the steady hand of Cormac Dinan, its new Country Director. Coinbase is optimistic that Cormac will bring more than 20 years of financial service and fintech experience to the role.
Coinbase mandates Cormac to oversee its business operations for regulated activities in the country. Also, the director must consistently 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.
Further, the notable crypto exchange revealed that its operations in Ireland will be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended). This, according to Coinbase, is in line with its commitment to highest standards of compliance.
Coinbase regulatory approval in Ireland to cover two of its entities
More so, it says the approval in Ireland covers two of its entities in Ireland. They include Coinbase Europe Limited, and Coinbase Custody International Limited. According to findings, Coinbase Europe provides crypto trading services to customers in Europe. Coinbase Custody International, on the other hand, provides crypto custody services to Institutional customers across Europe.
Reacting to the development, Cormac described Coinbase as the most trusted and secure crypto exchange. The director boasted that the exchange has developed its technology and regulatory procedures as the industry continues to mature. Cormac, however, looks forward to strengthening Ireland’s operations and helping the sector’s continued growth. According to the director, he aims to create an environment which champions innovation while strengthening trust in crypto.
Nana Murugesan, Vice President, International and Business Development at Coinbase also reacted to the development. According to Murugesan, Ireland has been a natural home for Coinbase in Europe. This, according to the Vice President is not only because of its talent pool and openness to industry, but also because of its EU membership and access. Murugesan further that the recent EU political agreement on MiCA remains a hugely positive step. According to him, MiCA offers one of the most globally significant regulatory frameworks for crypto.
Meanwhile, he said the Irish regulatory approval demonstrates Coinbase commitment and collaboration with the Central Bank of Ireland. According to Murugesan, the exchange 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.
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