The US-based cryptocurrency exchange Coinbase is expanding its presence in Europe and has formally designated Ireland as its preferred operational and regulatory European crypto hub.
Coinbase has chosen Ireland as the location for its European Union subsidiary to comply with the Markets in Crypto-Assets Regulation (MiCA), the company announced on Oct. 19.
With MiCA, which is expected to be implemented by the end of 2024, Coinbase will be able to serve one of the largest economies in the world, with 450 million people in 27 countries, under one regulatory framework and with a national supervisor, the company said in an announcement.
Coinbase currently possesses 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 EU member states.
“We are thrilled to have chosen Ireland as our MiCA center. Daniel Seifert, vice president and regional managing director of Coinbase EMEA, stated that Ireland has a supportive political climate for fintech companies and is a globally respected regulator. He continued:
“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 absence of clear regulations and difficulties in the United States compelled Coinbase to extend its operations internationally. Despite the MiCA regulation, the EU remained a focal point of the exchange.
The SEC lawsuit against Coinbase has significantly impacted the exchange’s development and trading volumes. In addition, SEC Chairman Gary Gensler disagrees with the absence of meaningful laws to regulate the crypto industry in the United States. Coinbase asked the court to dismiss the legal action.
Coinbase recently announced that Germany will serve as a talent hub, as the company intends to expand its product and service offerings throughout Europe. Phase II of Coinbase’s ‘Go Broad, Go Deep’ international market strategy. The exchange has future expansion plans for Spain, Italy, Benelux, and the Nordics.
