US-based cryptocurrency exchange Coinbase is strengthening its presence in Europe and has officially announced Ireland as its chosen major European cryptocurrency hub.
Coinbase has selected Ireland as the location of an EU entity to comply with Europe’s main cryptocurrency regulatory framework known as the Markets in Cryptoassets Regulation (MiCA), the company announced to Cointelegraph on October 19.
With MiCA, which is expected to be implemented in late 2024, Coinbase can serve one of the world’s largest economies of 450 million people, across 27 countries, under a single regulatory framework and with a single national supervisor, the company said in the announcement.
Currently, Coinbase holds an electronic money institution license and a virtual asset service provider (VASP) registration in Ireland, a cryptocurrency license in Germany and a number of national registrations in other member states across the EU.
“We are delighted to have chosen Ireland as our MiCA hub. Ireland has a supportive policy environment for fintech companies, as well as a globally respected regulator,” said Daniel Seifert, Coinbase EMEA Vice President and Regional Managing Director.
“Ireland is a leading jurisdiction in this area, 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.”
This is a developing story, and more information will be added as it becomes available.