Coinbase expands into Europe, choosing Ireland as its EU MiCA hub to access the region’s growing cryptocurrency user base.
Europe is home to almost 31 million cryptocurrency users, according to cryptocurrency payment platform TripleA. The international cryptocurrency exchange Coinbase has chosen Ireland as the home of its EU MiCA company in an attempt to reach this customer base.
At the moment, Coinbase holds several national registrations in other significant EU member states, such as Italy, the Netherlands, and Spain, as well as an e-money institution licence and VASP registration in Ireland, a cryptocurrency licence in Germany, and more. The region’s average adoption rate of cryptocurrencies is 10%. Furthermore, 11% of Irish individuals presently own digital assets, according to the European Commission’s Eurobarometer.
Vice president and regional managing director for EMEA at Coinbase, Daniel Seifert, commented on the news, saying, “We are thrilled to select Ireland as our MiCA hub.” Ireland has a well-respected regulatory body and a political climate that is favourable to fintech businesses.
“We have access to deep talent pools with significant expertise in both financial services and cutting-edge new technologies because of our current operational structure in Ireland.” With the introduction of MiCA, we hope to collaborate with authorities in Germany, Ireland, and other countries to fully realise the potential of this industry, as we are a leader in this field.
Coinbase – the following phase of “Go Broad, Go Deep”
This announcement is another step in Coinbase’s Phase II international market strategy, “Go Broad, Go Deep,” for which the company has other interesting plans in the works for other EU nations through 2024, including the unveiling of our regional talent hub in Germany.
Vice President of Business Development at Coinbase Nana Murugesan stated: “We’re excited about regulatory clarity in the EU and are focused on bringing the benefits of crypto to the world.” By selecting Ireland as our MiCA hub, we can make the most of our current operations and scale growth throughout the 27 EU member countries, expediting our efforts to onboard the next billion people into the cryptocurrency space while guaranteeing consumer assets are secure and compliance is given top priority.
The recent approval of MiCA by authorities in the European Union marks a significant turning point for digital assets in the area. MiCA’s provision of regulatory clarification to the industry is greatly appreciated and indicates that the area is acknowledging the promise that developing technology may offer.
An excellent addition to the EU cryptocurrency scene
The Department of Finance’s Minister of State, Jennifer Carroll MacNeill TD, stated: “I applaud Coinbase’s ongoing dedication to Ireland and wish them every success in setting up their EU MiCA company here. In addition to the IDA, the government keeps up its efforts to entice the top financial services providers, as well as those that are compliant, creative, and have robust risk management, to Ireland.
“Enterprises that develop and flourish here will contribute to a sustainable future as a part of our larger, prosperous global financial services sector that has been established over the previous thirty years.”
“We welcome Coinbase’s intention to locate its European MiCA Hub in Ireland, subject to CBI approval,” stated Mary Buckley, executive director of IDA Ireland. This will strengthen the business’s current footprint in the area and highlight Ireland’s appeal as a hub for international financial services, an industry that IDA Ireland continues to prioritise.
