Cryptocurrency exchange Coinbase, based in the United States, continues to strengthen its operations in Europe. Accordingly, Ireland has been chosen as the European crypto hub according to a decision made by the company’s executives. This development, announced to the public through an official announcement, is an important step for Coinbase. This move by the company has attracted attention during the ongoing legal process with the U.S. Securities and Exchange Commission.
In an announcement made by Coinbase on October 19, the company expressed its desire to operate in compliance with the Markets in Crypto-Assets Regulation (MiCA), which is the largest cryptocurrency market regulatory framework in Europe. In line with this decision, Coinbase chose Ireland.
According to the announcement, with the expected implementation of MiCA at the end of 2024, Coinbase will be able to provide services under a single regulatory framework and under the supervision of a single national regulatory authority to 450 million people in 27 countries, constituting one of the world’s largest economies.
Currently, Coinbase holds an e-money institution license and a crypto asset service provider (VASP) registration in Ireland. It also has a crypto service license in Germany and various company registrations in other member countries of the European Union.
Daniel Seifert, Vice President and Regional General Manager of Coinbase, expressed his happiness with the selection of Ireland as the center for MiCA. Seifert stated that Ireland has a supportive political environment for fintech companies and a reputable regulatory authority globally. He continued:
“Ireland has a leading jurisdiction in this field, and with the arrival of MiCA, we are eagerly looking forward to working with regulators in Ireland, Germany, and beyond to unleash the full potential of this industry.”
Nana Murugesan, Vice President of International and Business Development at Coinbase, expressed the impact of the European Union’s MiCA framework in a statement in December 2022. According to Murugesan, this step plays a significant role in providing one of the most important legal regulatory frameworks for the global cryptocurrency market. The executive also emphasized the importance of Coinbase’s VASP registration in Ireland and highlighted the company’s commitment and collaboration with the Central Bank of Ireland.