Coinbase officials issued a public statement on December 21, 2022, about being granted a license to operate in Ireland. The officials have been granted the approval for operating as a crypto entity in Ireland.
Coinbase Authorized to Operate in Ireland
Coinbase had been after regulatory approval to operate in Ireland. It was the Central Bank of Ireland that was to approve their request for being given permission to operate in Ireland.
The European System of Central Banks is one of the major regulatory bodies in Ireland. Cryptocurrency firms need approval from a particular body to operate in certain European countries.
The European System of Central Banks is comprised of several banks and the Central Bank of Ireland is its member.
To operate and provide cryptocurrency-related services in Ireland, every crypto-related entity has to acquire approval from the Central Bank of Ireland.
Coinbase has confirmed they have successfully received approval from the Central Bank of Ireland. They will be able to operate and offer cryptocurrency-related services in the country.
Following the approval, Coinbase has the green signal to operate as a VASP in the country. The island state users will be able to use and benefit from the crypto services and products offered by Coinbase.
Coinbase to Offer Digital Asset Products
Coinbase has announced now they have successfully registered their exchange, they will be offering services and products from the crypto sector.
Whether it is businesses or individuals in Ireland, Europe, or the entire world, Coinbase will be able to offer them such services. However, the exchange will remain fully compliant with the regulatory policies.
Implementation of Regulatory Policies
In the running year, the crypto market situation has become very dire and unpredictable. The crypto market has continued declining and it has become an attractive industry for scammers.
Even corrupt politicians, criminal syndicates, and terrorist groups are using crypto to transfer their black money.
Europe is extremely cautious when it comes to cryptocurrencies being misused by criminals. This is the reason why the European regulatory authorities are very strict against cryptocurrencies.
Most importantly, they are stricter against the firms offering cryptocurrency services in the region. Therefore, it is very important for cryptocurrency firms to acquire regulatory approval in Europe.
Apart from acquiring regulatory approval, crypto firms have to strictly adhere to the regulatory guidelines. These policies are KYC, AML, and the CFT that the firms have to adhere, to operate in the region.
Coinbase is Adherent to Regulatory Policies
Coinbase has assured that it will strictly adhere to the regulatory policies while offering services to people in Ireland.
The exchange has claimed that it will try its best to maintain the highest standards of regulatory compliance.
The officials at the Coinbase exchange have confirmed they have registered two entities with the Central Bank of Ireland. These entities are Coinbase Custody International Limited and Coinbase Europe Limited.
Warning Issued by the Central Bank of Ireland
The Central Bank of Ireland recently issued a warning for the cryptocurrency firms operating in the country and the local investors.
The central bank warned people not to interact with virtual currencies that are unregistered and unregulated. Such entities are full of risks and might be offered for the purpose of scamming people.
Although the regulator has approved the registration request for Coinbase, it strongly opposes Bitcoin and Ether.
The regulator specifically warned the Bitcoin and Ether users claiming that both virtual currencies are unregulated. Although these cryptocurrencies are being offered as modes of payment, still, they are full of risks.
Coinbase Trying to Search its Lost Value
Coinbase was once a major rival of Binance until it made a public debut. Since then, things have not been well for the exchange and it also continued facing regulatory scrutiny all over the world.
Finally, the exchange has gained the opportunity of expanding in Europe and find its lost worth and status in the crypto market.
