Crypto exchange Coinbase chooses Ireland for its EU MiCA office

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Coinbase, renowned as the world’s most trusted and secure crypto exchange, has decided to establish the headquarters of its EU MiCA entity in Ireland, marking a significant step forward in its international expansion. Let’s take a look at all the details below. 

Why did crypto exchange Coinbase choose Ireland for its EU MiCA entity? 

As expected, crypto exchange Coinbase has recently selected Ireland as the location for its EU MiCA entity, marking a significant step forward in the company’s international expansion strategy. 

This means that when MiCA comes into force at the end of 2024, Coinbase will be able to offer its services in a single regulatory environment across 27 countries and a combined population of 450 million.

Coinbase currently holds an e-money institution licence and VASP registration in Ireland, a crypto licence in Germany and numerous national registrations in other key EU member states, including Italy, the Netherlands and Spain. 

The region shows significant interest in cryptocurrencies, with an average adoption rate of 10 per cent and 11 per cent of Irish adults currently investing in digital assets, according to the European Commission’s Eurobarometer survey.

Commenting on the announcement, Daniel Seifert, Vice President and Regional Managing Director EMEA of Coinbase, said: 

“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. Due to our existing operational structure in Ireland, we have access to deep talent pools with significant expertise in both financial services and innovative new technologies. 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.”

Coinbase accelerates EU expansion with “Go Broad, Go Deep” strategy

Coinbase is also aggressively implementing Phase II of its “Go Broad, Go Deep” international market strategy. This will see a number of exciting expansion projects in several EU countries in 2024, including the recent announcement of the regional talent hub in Germany.

Nana Murugesan, Vice President of International and Business Development at Coinbase, said

“We’re focused on bringing the benefits of crypto to the world, and are excited about regulatory clarity in the EU. Choosing Ireland as our MiCA hub allows us to leverage our existing operations and scale growth across the 27 EU member countries in the best possible way, accelerating our efforts to onboard the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritised.”

The recent adoption of MiCA by EU legislators is a crucial step for digital resources in the region. 

Furthermore, the regulatory clarity provided by MiCA has been warmly welcomed and is a clear recognition of the potential of this emerging technology.

Other statements on the latest Coinbase news 

Following this, Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance, said

“I welcome Coinbase’s continued commitment to Ireland and wish them every success in locating their EU MiCA entity here. Along with the IDA, the Government continues working hard to attract the best business, the compliant business, the innovative business and the strong risk management business to Ireland when it comes to the provision of financial services. 

Companies who grow and expand here will help provide a sustainable future as part of our broader successful international financial services industry which has been built up over the last three decades.”

Companies that choose to grow and expand here will help ensure a sustainable future as part of our successful international financial services sector, which has been built over the last three decades.”

Again, Mary Buckley, Executive Director of IDA Ireland, commented as follows:

“We welcome Coinbase’s intention to locate its European MiCA Hub in Ireland, subject to CBI approval. This will build on the company’s existing presence here and signals Ireland’s attractiveness as a location for global financial services, a sector that continues to be a priority for IDA Ireland.”

To conclude, it should be noted that Coinbase is optimistic about working with the Central Bank of Ireland to get MiCA approved.