Coinbase selects Ireland as its European crypto hub

The crypto exchange has applied for a license under the EU’s new Markets in Crypto-Assets Regulation with the Central Bank of Ireland and, if successful, will be able to “passport” its services across EU states.

The United States-based cryptocurrency exchange Coinbase is strengthening its presence in Europe and has officially announced Ireland as its European crypto hub of choice.

Coinbase has selected Ireland as the location for its European Union entity to comply with Europe’s major cryptocurrency regulatory framework, known as the Markets in Crypto-Assets Regulation (MiCA), the firm announced to Cointelegraph on Oct. 19.

With MiCA, which is expected to be enforced in late 2024, Coinbase can serve one of the largest economies in the world, with 450 million people across 27 countries, under one regulatory framework and with one national supervisor, the firm said in the announcement.

Currently, Coinbase holds an e-money institution license and virtual asset service provider (VASP) registration in Ireland, a crypto license in Germany and several national registrations in other member states across the EU.

“We are delighted to select Ireland as our MiCA hub. Ireland has a supportive political environment for fintech companies, as well as a globally respected regulator,” Coinbase EMEA vice president and regional managing director Daniel Seifert said. He added:

“Ireland is a leading jurisdiction in this space, 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 further information will be added as it becomes available.