Coinbase, a leading cryptocurrency exchange based in the United States, has formally pinpointed Ireland as its primary European hub for crypto operations. This move aligns with the firm’s intent to adhere to the impending Markets in Crypto-Assets Regulation (MiCA) within the European Union, as disclosed to Cointelegraph on Oct. 19.
The MiCA framework, slated for enforcement by the end of 2024, will empower Coinbase to cater to a vast European audience of approximately 450 million across 27 nations, all under a unified regulatory umbrella. This approach simplifies engagement for Coinbase with a single regulatory overseer.
Daniel Seifert, Coinbase’s EMEA Vice President, emphasized Ireland’s accommodating fintech ecosystem, praising its globally recognized regulatory standards. “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.” he commented.
Nana Murugesan, Coinbase’s Vice President for International and Business Development, accentuated last December the monumental role of the EU’s agreement on MiCA in sculpting a pivotal regulatory scaffold for global crypto. Murugesan further underscored Coinbase’s VASP registration in Ireland as a testament to the firm’s harmonious collaboration with the Central Bank of Ireland.
Amidst a backdrop of regulatory ambiguities, Coinbase has been proactively broadening its European footprint in 2023. The drive has gained momentum especially after facing legal challenges from U.S. securities regulators earlier in June. Notably, a recent accord with Spain’s central bank in September authorized Coinbase to extend its crypto services in Spain, aligning with the nation’s regulatory mandates.
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