Coinbase, the renowned cryptocurrency exchange headquartered in the United States, has disclosed establishing Ireland as its primary hub for European operations.
The move is designed to align with Europe's emerging Markets in Crypto-Assets Regulation (MiCA), slated to take effect by the end of 2024.
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The company confirmed this development on October 19th.
It is worth noting that implementing MiCA will enable Coinbase to operate seamlessly across the European Union, giving it access to a market comprising 450 million residents in 27 countries under a single regulatory umbrella.
The crypto exchange currently holds diverse licenses across the EU, including an e-money institution license and a virtual asset service provider (VASP) registration in Ireland. It also has a license in Germany and several other national registrations in various EU member states.
Last year, Nana Murugesan, Coinbase's Vice President for International and Business Development, highlighted the importance of the MiCA framework. He stated that the European Union's political agreement on MiCA is instrumental in creating one of the most robust global regulatory frameworks for cryptocurrencies.
In the words of Daniel Seifert, Coinbase's EMEA Vice President and Regional Managing Director:
We are delighted to select Ireland as our MiCA hub. Ireland has a supportive political environment for fintech companies, as well as a globally respected regulator.
Seifert also voiced his eagerness to collaborate with regulatory bodies in Ireland and Germany, emphasizing:
Ireland is a leading jurisdiction in this space, and we look forward to working with regulators in Ireland, Germany and beyond, to bring this industry to its full potential with the advent of MiCA.
The announcement of Ireland as Coinbase's primary hub for European activities marks a significant stride in the company's global expansion strategy. Coinbase navigates regulatory landscapes efficiently, bolstering its operations across the European Union. The move reflects the crypto exchange's commitment to regulatory compliance and its drive to take the crypto industry to new heights.
