Coinbase chooses Ireland as EU regulatory hub
Coinbase chooses Ireland as EU regulatory hub
Coinbase has chosen Ireland as its main operational and regulatory center in the EU ahead of the European bloc's new rules on digital assets.
The exchange intends to obtain a license under the EU's new Markets in Crypto-Assets (MiCA) regulation in conjunction with the Central Bank of Ireland, with the aim of being ready for the rules' implementation in December 2024.
The new license will allow Coinbase to serve one of the world's largest economies, with 450 million people in 27 countries, under a single regulatory framework and with one national regulator, according to the exchange's website.
Coinbase's decision to choose Ireland as its European hub is based on the country's favorable policy environment for fintech companies as well as the existing operational structure in the country, which has a deep talent pool of professionals in financial services and innovative technologies.
It is worth noting that the cryptocurrency exchange Coinbase has been present in the Irish market since 2018, with an office in Dublin employing around 130 people.
"I welcome Coinbase's continued commitment to Ireland and wish them every success in locating their EU MiCA entity here. Along with the IDA, the government continues to work hard to attract the best businesses, the compliant businesses, the innovative businesses, and the strong risk management businesses to Ireland when it comes to the provision of financial services. Companies that grow and expand here will help provide a sustainable future as part of our broader successful international financial services industry, which has been built up over the last three decades," said Jennifer Carroll MacNeill, Ireland's Minister of State at the Department of Finance, in announcing the exchange.
The announcement is another step in the second phase of Coinbase's "Go Broad, Go Deep" international marketplace strategy, as the exchange prepares to roll out a number of new and exciting plans in EU countries.
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