Leading U.S. cryptocurrency exchange Coinbase has designated Ireland as its primary regulatory hub for European Union operations under the MiCA law. This strategic move aims to facilitate Coinbase’s growth in the EU market.
Coinbase, the prominent U.S. cryptocurrency exchange, has made a significant decision by choosing Ireland as its regulatory hub within the European Union (EU). This strategic move is part of Coinbase’s international expansion strategy, known as the “Go Broad, Go Deep” initiative.
Currently, Coinbase holds an e-money institution license and a virtual asset service provider (VASP) registration in Ireland, alongside licenses and registrations in other EU countries. The exchange has also submitted an application for a MiCA license to the Central Bank of Ireland.
Once granted, this license will allow Coinbase to provide its services throughout the EU, operating under a unified license and regulator. MiCA, enacted earlier this year, is slated to come into effect in EU member states by the end of the following year.
Coinbase’s choice of Ireland as its EU hub is supported by the nation’s deep talent pool, particularly in financial services and innovative technologies. The exchange already maintains an office in Dublin and considers Ireland to be a leading jurisdiction in the crypto sector.
In the United States, Coinbase has been embroiled in a legal battle with the Securities and Exchange Commission (SEC) over allegations of trading unregistered securities. Coinbase and other major crypto platforms have advocated for dedicated legislation rather than applying existing U.S. laws through the courts. Coinbase sees the adoption of MiCA as a pivotal moment for cryptocurrencies in Europe and a sign of the region’s recognition of emerging technology’s potential.