Coinbase has picked Ireland as its central hub for managing operations and regulations within the European Union, in response to the Markets in Crypto-Assets (MiCA) regulation.
The crypto exchange Coinbase has decided to make Ireland its main base for operations and regulatory compliance within the European Union. This move comes as a response to the Markets in Crypto-Assets (MiCA) regulation. Coinbase had previously expanded to Ireland in 2018, and they’ve now applied for a “MiCA license” that allows them to extend their services to other EU nations. This step makes it more convenient for the company to grow its presence and promote the use of cryptocurrencies across the EU.
“Coinbase Expands in Ireland Under MiCA Regulation”
Coinbase, a popular crypto exchange, has chosen Ireland as its hub for operations and regulations in the European Union. They’ve had an office in Dublin, Ireland, since 2018, and it currently employs nearly 100 people. Coinbase is seeking a license under the EU’s new Markets in Crypto-Assets (MiCA) regulation from the Central Bank of Ireland, which is expected to be effective by December 2024. This license will allow them to provide services across all 27 EU member states without the need for separate licenses in each country.
Nana Murugesan, Coinbase’s VP of international, mentioned that the company aims to be fully operational with its MiCA license right from the start. Coinbase recently announced Germany as a talent hub and plans to expand its product and service offerings throughout Europe as part of Phase II of its international market strategy. They have further expansion plans for Ireland, Benelux, Nordics, Spain, and Italy.
“Challenges in the US”
Coinbase faced difficulties in the U.S. due to unclear regulations, which prompted the exchange to expand its global operations. The European Union (EU) continued to be a primary focus, particularly with the introduction of MiCA regulation.
The legal battle with the SEC had a substantial impact on Coinbase’s growth and trading volumes. Furthermore, SEC Chair Gary Gensler disagreed with the absence of comprehensive laws to govern the crypto industry in the U.S. As a response, Coinbase asked the court to dismiss the lawsuit.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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