Coinbase Chooses Ireland as Its Main European Crypto Hub
The United States-based cryptocurrency exchange Coinbase has officially announced that it is strengthening its presence in Europe and has selected Ireland as its main European crypto hub. This move comes ahead of the enforcement of the Markets in Crypto-Assets (MiCA) regulations, which is expected to take place in late 2024. By establishing its hub in Ireland, Coinbase will be able to serve one of the largest economies in the world, covering 450 million people across 27 countries, all under a single regulatory framework and with one national supervisor.
Expanding Regulatory Licenses
Currently, Coinbase already holds an e-money institution license and virtual asset service provider (VASP) registration in Ireland. In addition to that, it also possesses a crypto license in Germany and multiple national registrations in other EU member states. With these licenses and registrations, Coinbase is well-positioned to navigate the regulatory landscape in Europe and expand its operations across the continent.
Ireland’s Supportive Environment
Coinbase’s decision to choose Ireland as its MiCA hub is based on several factors. Firstly, Ireland has a supportive political environment for FinTech companies, making it an attractive destination for cryptocurrency businesses. Additionally, Ireland is known for having a globally respected regulator. Daniel Seifert, the Coinbase EMEA vice president and regional managing director, expressed his excitement about the selection of Ireland as the hub:
“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.”
Hot Take: Coinbase’s Strategic Move
Coinbase’s choice of Ireland as its main European crypto hub demonstrates the company’s strategic approach to expanding its presence in Europe. By establishing a hub in Ireland, Coinbase can benefit from the supportive political environment and respected regulatory framework in the country. This move positions Coinbase to effectively navigate the upcoming MiCA regulations and serve a vast market of 450 million people across 27 countries. As Coinbase continues to strengthen its operations in Europe, it is likely to solidify its position as a key player in the European cryptocurrency market.
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