This week, cryptocurrency platform Coinbase announced that its site in Ireland would become its operational base for the forthcoming MiCA regulation. What motivated this choice?
Coinbase makes its Irish branch its headquarters for the European Union
With the MiCA regulation fast approaching, every cryptocurrency platform is working hard to position itself in the European market. With this in mind, Coinbase made it official this week that its Irish subsidiary will act as a hub for the European Union:
The Coinbase international expansion continues
Ireland has been chosen for our EU MiCA hub.
Here’s why https://t.co/mpc2t2u5EI
– Coinbase ️ (@coinbase) October 19, 2023
While the Dublin site has already been established for several years now, Coinbase sees several advantages to the region for this new stage. Indeed, the platform believes that Ireland embraces a “favorable policy environment for FinTech companies”, in addition to having a “globally respected regulator”.
Jennifer Carroll MacNeill, Ireland’s Minister for Finance, welcomed the company’s choice:
“I welcome Coinbase’s continued commitment to Ireland and wish them every success as they establish their EU MiCA entity here. “
For her part, Mary Buckley, Executive Director of IDA Ireland, the entity in charge of attracting foreign investment to the country, also welcomed Coinbase’s decision:
“We welcome Coinbase’s intention to locate its European MiCA hub in Ireland, subject to the approval of the CBI. This will build on the company’s existing presence here and is testament to Ireland’s attractiveness as a global financial services location, a sector that continues to be a priority for IDA Ireland. “
As well as being licensed as an e-money institution and registered as a Virtual Asset Service Provider (VASP) in Ireland, the exchange has complied with several other regulations in Europe. Coinbase also holds a cryptocurrency license in Germany, as well as registrations in Italy, the Netherlands and, more recently, Spain.
This provides the platform with solid weapons for its European compliance, which it says it looks forward to working with the Central Bank of Ireland towards the MiCA authorization process.