2022 has been a meaningful year for Coinbase’s international expansion, and before we draw it to a close, we are delighted to share some additional good news! Coinbase has been granted approval by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP), meaning that Coinbase can continue to provide products and services to individuals and institutions in Europe and internationally, from Ireland. In addition, Coinbase’s Ireland operations will now be under the steady hand of Cormac Dinan, our new Country Director. Cormac brings more than 20 years of financial service and fintech experience to the role, and we couldn’t be happier to have him on board.
This 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.
The VASP registration covers two Coinbase entities: Coinbase Europe Limited, and Coinbase Custody International Limited, both of which are based in Ireland. Coinbase Europe provides crypto trading services to customers in Europe, and Coinbase Custody International provides crypto custody services to Institutional customers across Europe.
Coinbase has been active in Ireland since 2018, engaged in various activities, including Market Operations, Compliance, Cybersecurity, Legal and Customer Experience. Cormac will oversee business operations for regulated activities, and 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.
“As the most trusted and secure crypto exchange, Coinbase has developed its technology and regulatory procedures alongside the industry as it matures. 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,” said Cormac Dinan.
The VASP registration was introduced in Ireland in 2021 and requires the Central Bank to review firms to ensure they have appropriate procedures around anti-money laundering and countering the financing of terrorism. This VASP registration follows Coinbase Ireland Limited’s earlier authorisation by the Irish Central Bank to operate as an electronic money institution (EMI). This allows Coinbase to issue electronic money, provide electronic payment services and handle electronic payments for third parties.
“Ireland 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. The recent EU political agreement on MiCA is a hugely positive step, offering one of the most globally significant regulatory frameworks for crypto. Our Irish regulatory approval demonstrates our commitment and collaboration with the Central Bank of Ireland. 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,” said Nana Murugesan, Vice President, International and Business Development at Coinbase.
Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the UK, and Germany. Additional registrations or license applications are in progress in several major markets, in compliance with local regulations.
About Nana Murugesan
Nana Murugesan is the Vice President of International and Business Development at Coinbase where he leads the company’s international operations and global partnerships. Previously, he was the Managing Director of International Markets at Snap Inc. where he led Snapchat’s international expansion and strategic partnerships.
Earlier in his career, Nana was the Vice President and General Manager at Samsung, where he served in a number of strategy, partnerships, and operations roles to launch and grow their Galaxy smartphone and services business, notably Samsung Pay. He also held product roles at Cisco and strategy consulting roles at BCG.
Nana received his BE in Engineering from the University of Madras, MS in Engineering from the University of Wisconsin-Madison and MBA from The Wharton School at the University of Pennsylvania.