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Leading cryptocurrency exchange Coinbase has announced its Euro expansion with Ireland as its European hub for all cryptocurrency operations. This move aligns with Coinbase’s preparations for the Markets in Crypto-Assets Regulation (MiCA), the cryptocurrency regulatory framework set to be enforced in the European Union (EU) by late 2024.
MiCA is set to provide a set of standard regulations and laws in the crypto industry across the European Union’s 27 countries. With this framework in place, Coinbase will be able to serve a European market with around 450 million people. This would all be within the same standard regulatory system and under the oversight of a single national supervisor.
As is stands, Coinbase already holds licenses for operating as an e-money institution and a virtual asset service provider (VASP) in Ireland. The exchange also has a crypto license in Germany and several national registrations in other EU member states.
Coinbase maintains commitment to compliance
Coinbase’s Vice President and Regional Managing Director for Europe, the Middle East, and Africa (EMEA), Daniel Seifert chose Ireland with its supportive environment for fintech companies and a reputable regulatory system in mind. He highlighted the collaborative potential with regulators in Ireland, Germany, and other European countries as they prepare to usher in the MiCA regulations.
Nana Murugesan, the crypto exchange’s Vice President for International and Business Development, emphasised the significance of the MiCA framework on a global scale, acknowledging it as one of the most impactful crypto regulations in the world. Coinbase’s prior VASP registration in Ireland has been an imperative part in adhering to regulations and working closely with the Central Bank of Ireland.
Coinbase has been working through 2023 to expand into the European region. This year has also been marked by significant regulatory changes and challenges for the cryptocurrency industry. Coinbase has maintained a commitment to regulatory compliance. This has been the case in Ireland as well as in Spain, when it secured an Anti-Money Laundering (AML) compliance registration from the Central Bank of Spain in September.