Coinbase Chooses Ireland as Primary European Hub Ahead of MiCA Enforcement
Summary:
Coinbase, the US-based cryptocurrency giant, has announced plans to make Ireland its main European hub in compliance with the upcoming Markets in Crypto-Assets Regulation (MiCA). The regulation will allow Coinbase to service 450 million people across 27 countries under a single regulatory body. With existing licenses and registrations in Ireland, Germany, and other EU states, Coinbase sees the advent of MiCA as an opportunity for industry growth.
Coinbase, a leading cryptocurrency exchange based in the United States, has expanded its European footprint by making Ireland its primary hub for continental operations. The organization has chosen Ireland as its European Union (EU) base to comply with the incoming Markets in Crypto-Assets Regulation (MiCA), as disclosed to Cointelegraph on October 19. The MiCA regulation, expected to come into effect towards the end of 2024, enables Coinbase to extend its services to one of the world's largest economy boasting 450 million residents spanning 27 countries, under a single regulatory body, as stated in the announcement. Currently, the digital currency exchange operates under an e-money institution license and a virtual asset service provider (VASP) registration in Ireland. It also possesses a cryptocurrency license in Germany and several registrations in other EU states. Coinbase's EMEA vice president and regional managing director Daniel Seifert, expressed immense pleasure in choosing Ireland as the MiCA hub, citing favorable political climate for FinTech firms and an internationally renowned regulator. "Ireland leads in this sector, and we are eager to collaborate with regulators in Ireland, Germany and elsewhere to fully exploit the industry's potential when MiCA comes into force," he added. More information on this developing story will be updated as it emerges.
Published At
10/19/2023 9:31:10 AM
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