{"id":15729,"date":"2022-12-22T06:17:37","date_gmt":"2022-12-22T06:17:37","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinbase-secures-regulatory-approval-to-operate-as-a-virtual-asset-service-provider-in-ireland-regulation-bitcoin-news\/"},"modified":"2022-12-22T06:17:37","modified_gmt":"2022-12-22T06:17:37","slug":"coinbase-secures-regulatory-approval-to-operate-as-a-virtual-asset-service-provider-in-ireland-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-secures-regulatory-approval-to-operate-as-a-virtual-asset-service-provider-in-ireland-regulation-bitcoin-news\/","title":{"rendered":"Coinbase Secures Regulatory Approval to Operate as a Virtual Asset Service Provider in Ireland \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Coinbase has announced it has secured regulatory approval as a virtual asset service provider (VASP) in Ireland, according to a company blog post published on Dec. 21. According to the company, Coinbase has been approved by Ireland\u2019s central bank which means the company can \u201cprovide products and services to individuals and institutions in Europe and internationally, from Ireland.\u201d<\/strong><\/p>\n

Coinbase Approved to Be a Regulated VASP by the Central Bank of Ireland<\/h2>\n

On Dec. 21, 2022, Coinbase (Nasdaq: Coin<\/a>) informed<\/a> the public that it has been granted regulatory approval by the Central Bank of Ireland, a member of the European System of Central Banks. The news follows Singapore\u2019s central bank giving Coinbase \u201cin-principle approval<\/a>\u201d last October so the trading platform can operate as a VASP and provide products and services in the island state.<\/p>\n

Ireland\u2019s central bank has approved Coinbase\u2019s VASP registration as well, and the trading platform can continue to provide digital asset products and services to \u201cindividuals and institutions in Europe and internationally, from Ireland.\u201d Coinbase must also adhere to regulatory policies, the exchange noted on Wednesday.<\/p>\n

\u201cThis VASP registration means that Coinbase Ireland will be subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010 (as amended), demonstrating our commitment to the highest standards of compliance,\u201d Coinbase disclosed. According to the firm, the VASP registration approved by Ireland\u2019s central bank covers two Ireland-based entities, which include Coinbase Europe Limited and Coinbase Custody International Limited.<\/p>\n

\"Coinbase<\/p>\n

Ireland\u2019s central bank has published multiple warnings about investing in virtual currencies (VCs) and dealing with unregistered VASPs. In April 2021, Ireland\u2019s central bank issued<\/a> a warning that said \u201cVCs such as bitcoin and ether are unregulated VCs that can be used as a means of payment.\u201d Ireland\u2019s central bank also issued<\/a> another statement in March 2022 which summarizes a \u201cfresh warning on the risks of investing in crypto assets.\u201d<\/p>\n

Derville Rowland, Ireland\u2019s director general of financial conduct said at the time:<\/p>\n

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While people may be attracted to these investments by the high returns advertised, the reality is that they carry significant risk \u2014 People should also be aware that if things go wrong, you do not have the protections you would have if you invested in a regulated product.<\/p>\n<\/blockquote>\n

In addition to getting regulatory approval in Ireland, Coinbase also appointed Cormac Dinan as the new Coinbase country director. After the news was announced, Coinbase shares increased by a touch over 1.7% at 12:44 p.m. (ET) on Dec. 21, 2022. At the time of writing, COIN<\/a> is exchanging hands for $35.57 per share. Year-to-date, however, COIN has lost more than 85% since this time last year.<\/p>\n

\u201cIreland 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,\u201d Nana Murugesan, Coinbase\u2019s vice president of international and business development said in a statement on Wednesday. \u201cThe recent EU political agreement on MiCA is a hugely positive step, offering one of the most globally significant regulatory frameworks for crypto,\u201d Murugesan added.<\/p>\n

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Central Bank of Ireland<\/a>, COIN<\/a>, coinbase global<\/a>, Coinbase Ireland<\/a>, Cormac Dinan<\/a>, Crypto<\/a>, Cryptocurrencies<\/a>, Derville Rowland<\/a>, Digital Assets<\/a>, Ireland<\/a>, Ireland Coinbase<\/a>, Ireland’s Central Bank<\/a>, Nana Murugesan<\/a>, Nasdaq: COIN<\/a>, Regulation<\/a>, Regulations<\/a>, Regulators<\/a>, regulatory approval<\/a>, shares<\/a>, Singapore\u2019s central bank<\/a>, Stock<\/a>, VASP registration<\/a><\/div>\n<\/div>\n

What do you think about Coinbase getting regulatory approval from the Central Bank of Ireland this week? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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