Coinbase Chooses Ireland as European Crypto Hub

The United States-based cryptocurrency exchange, Coinbase, is strengthening its presence in Europe and has officially announced Ireland as its preferred European hub for cryptocurrencies.

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 company announced to Cointelegraph on October 19.

With MiCA, 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,” said Daniel Seifert, Coinbase EMEA vice president, and regional managing director. 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.”

In December 2022, Nana Murugesan, Coinbase’s vice president for international and business development, stated that the European Union’s political agreement on the MiCA framework plays 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.

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, allowing the firm to offer its crypto exchange services for retail and institutional investors in compliance with the country’s laws.

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