Coinbase chooses Ireland as its hub for operations and regulation in the European Union amid Markets in Crypto-Assets (MiCA) regulation. By Varinder Singh 2 hours ago Updated 1 hour ago
Crypto exchange Coinbase chooses Ireland as its hub for operations and regulatory landscape in the European Union amid Markets in Crypto-Assets (MiCA) regulation. Coinbase expanded to Ireland in 2018 and submitted for a universal “MiCA license” to passport its services into other EU countries, making it easier for the company to increase its presence and promote crypto adoption.
Coinbase Chooses Ireland As Hub For Expansion Under MiCA Regulation
A popular Crypto exchange Coinbase has selected Ireland as the operational and regulatory hub in the European Union, reported CNBC on October 19.
The exchange already has an office in Dublin, Ireland since 2018, with nearly 100 employees. Coinbase seeks a license under the EU’s new Markets in Crypto-Assets (MiCA) regulation with the Central Bank of Ireland, effective by December 2024. The MiCA regulation-approved companies can provide services across all 27 EU member states without applying for a separate license in every country.
Nana Murugesan, Coinbase’s vice president of international, said the company is planning to be operational with its MiCA license from “day one.”
“As soon as MiCA was passed into law, and even before that, we’ve been considering a number of member states. It was a long decision making process and we’ve been very impressed with the engagement from Ireland throughout.”
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Coinbase recently announced Germany as a Talent hub, as it plans to expand product and service offerings across Europe. This is part of Phase II of Coinbase’s ‘Go Broad, Go Deep’ international market strategy. The exchange has further plans for Ireland, Benelux and Nordics, Spain, and Italy.
Challenges In the US
The lack of clear regulations and challenges in the U.S. urged Coinbase to further expand its operations globally. The EU remained a key focus for the exchange amid the MiCA regulation.
The SEC lawsuit against Coinbase has significantly impacted the growth and trading volumes at the crypto exchange. Moreover, SEC Chair Gary Gensler fails to agree with a lack of meaningful laws to regulate the crypto industry in the US. Coinbase requested the court to dismiss the lawsuit.