Coinbase has received regulatory approval as a cryptocurrency. announced that it had Irish Asset Service Providers (VASPs), according to the company’s blog post published Dec. 21. and internationally from Ireland.”
Coinbase was approved to be a regulated VASP by the Central Bank of Ireland
December 21, 2022, Coinbase (Nasdaq: Coin) has informed the public that it has been granted regulatory approval by the Central Bank of Ireland, a member of the European Central Bank System. The news follows Singapore’s central bank giving Coinbase “approval in principle” last October, allowing the trading platform to act as a VASP and offer products and services in the island nation.
The Central Bank of Ireland has also approved Coinbase’s VASP registration and the trading platform will continue to offer digital asset products and services to “individuals and institutions from Ireland, Europe and internationally.” I can. Coinbase must also comply with regulatory policies, the exchange noted Wednesday.
“This VASP registration means that Coinbase Ireland is subject to the Criminal Justice Money Laundering and Terrorist Financing Act 2010, as amended, demonstrating our commitment to the highest standards of compliance. ,” he revealed Coinbase. The VASP registration, approved by the Central Bank of Ireland, covers two Ireland-based entities, including Coinbase Europe Limited and Coinbase Custody International Limited, according to the company.
The central bank of Ireland has issued multiple warnings regarding its investment in cryptocurrency (VC) and handling of his unregistered VASPs. In April 2021, Ireland’s Central Bankissued a warning that “VCs such as Bitcoin and Ether are unregulated VCs that can be used as payment instruments.” The Central Bank of Ireland also issued a separate statement in March 2022, summarizing “new warnings about the risks of investing in crypto assets.”
Darvill Rowland, Ireland’s Director of Financial Conduct, said at the time:
People are drawn to these investments because of the high returns they advertise. You may be tempted, but the reality is that these investments pay off big. Risk — If things go wrong, you also need to be aware that you won’t get the protection you get if you invest in a regulated product.
In addition to gaining regulatory approval in Ireland, Coinbase has appointed Cormac Dinan as his new Coinbase Country Director. After the news was announced, Coinbase’s share price rose more than 1.7% at 12:44 p.m. (ET) December 21, 2022. At the time of writing,COIN is trading at $35.57 per share. But year-to-date, COIN is down more than 85% since this time last year.
“Ireland has become a natural home for Coinbase in Europe, not only because of its talent pool and openness to the industry, but also because of its EU membership and access. There is also,” Coinbase International and Business Development said in a statement on Wednesday. “His recent EU political agreement on MiCA is a very positive step, as he provides one of the most important crypto regulatory frameworks in the world,” he added. I was.
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