Ireland’s regulatory authorities have granted Coinbase permission to operate as a virtual asset service provider

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According to a business blog post published on December 21, Coinbase has announced that it has obtained regulatory clearance as a virtual asset service provider (VASP) in Ireland.

Since Coinbase has received central bank approval in Ireland, the business can “offer products and services to consumers and institutions in Europe and beyond, from Ireland,” according to the company.

Coinbase Receives Central Bank of Ireland Approval to Become a Regulated VASP

Coinbase (Nasdaq: Coin) announced on December 21, 2022 that the Central Bank of Ireland, a member of the European System of Central Banks, has given it regulatory permission.

The development 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.

The trading platform can continue to offer digital asset products and services to “individuals and institutions in Europe and beyond, from Ireland,” thanks to the central bank of Ireland’s approval of Coinbase’s VASP registration. Regulatory guidelines must also be followed by Coinbase, the exchange stated on Wednesday.

The company claims that Coinbase Europe Limited and Coinbase Custody International Limited are included in the VASP registration granted by Ireland’s central bank.

The central bank of Ireland has issued numerous cautionary statements against dealing with unregistered VASPs and purchasing virtual currency (VCs). Ireland’s central bank warned that “VCs like bitcoin and ether are unregulated VCs that can be used as a form of payment” in April 2021. In March 2022, the central bank of Ireland also released a statement that serves as a “new caution on the hazards of investing in crypto assets.”

In addition to receiving regulatory permission in Ireland, Cormac Dinan was chosen as the new national director for Coinbase.

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