Bitcoin exchange In light of Markets in Crypto-Assets (MiCA) regulation, Coinbase has chosen Ireland as its operational and regulatory center for the European Union.
In 2018, Coinbase expanded to Ireland and applied for a universal “MiCA license” to pass its services into other EU countries, making it simpler for the company to expand its presence and promote cryptocurrency adoption.
Bitcoin exchange CNBC reported on October 19 that Coinbase has chosen Ireland as its operational and regulatory center in the European Union.
Since 2018, the exchange has had a presence in Dublin, Ireland, with roughly 100 employees. By December 2024, Coinbase seeks a license under the EU’s new Markets in Crypto-Assets (MiCA) regulation from the Central Bank of Ireland.
Companies authorized by the MiCA regulation can provide services in all 27 EU member states without applying for a distinct license in each country.
Coinbase’s vice president of international, Nana Murugesan, stated that the company intends to be operational with its MiCA license on “day one.”
“As soon as MiCA was passed into law, and even before that, we’ve been considering a number of member states. It was a long decision making process and we’ve been very impressed with the engagement from Ireland throughout.”
Coinbase recently announced that Germany will serve as a talent hub, as the company intends to expand its product and service offerings throughout Europe.
Phase II of Coinbase’s ‘Go Broad, Go Deep’ international market strategy The exchange has future expansion plans for Spain, Italy, Benelux, and the Nordics.
The absence of clear regulations and difficulties in the United States compelled Coinbase to extend its operations internationally.
Despite the MiCA regulation, the EU remained a focal point of the exchange. The SEC lawsuit against Coinbase has had a significant impact on the exchange’s development and trading volumes.
In addition, SEC Chairman Gary Gensler disagrees with the absence of meaningful laws to regulate the crypto industry in the United States. Coinbase requested that the lawsuit be dismissed.