The United States-based cryptocurrency exchange Coinbase is strengthening its presence in Europe and has officially announced Ireland as its European crypto hub of choice.
Coinbase has selected Ireland as the location for its European Union entity to comply with Europe’s major cryptocurrency regulatory framework, known as the Markets in Crypto-Assets Regulation (MiCA), the firm announced to Cointelegraph on Oct. 19.
With MiCA, which is expected to be enforced in late 2024, Coinbase can serve one of the largest economies in the world, with 450 million people across 27 countries, under one regulatory framework and with one national supervisor, the firm said in the announcement.
Currently, Coinbase holds an e-money institution license and virtual asset service provider (VASP) registration in Ireland, a crypto license in Germany and several national registrations in other member states across the EU.
“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,” Coinbase EMEA vice president and regional managing director Daniel Seifert said. He added:
“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.”
Nana Murugesan, Coinbase’s vice president for international and business development, said in December 2022 that the European Union’s political agreement on the MiCA framework has a significant role in providing one of the most significant regulatory frameworks for crypto worldwide. The exec also stressed that Coinbase’s VASP registration in Ireland demonstrates the company’s commitment and collaboration with the Central Bank of Ireland.
Related: Coinbase CEO slams Chase UK for ‘totally inappropriate’ crypto move
Coinbase has been actively working to expand its services in Europe in 2023 amid facing significant regulatory uncertainty. The expansion efforts have been accelerated even further after U.S. securities regulators sued the exchange in June 2023. In September, Coinbase secured an Anti-Money Laundering compliance registration from Spain’s central bank, which allowed the firm to offer its crypto exchange services for retail and institutional investors in compliance with the country’s laws.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis