Coinbase, a leading cryptocurrency exchange, has designated Ireland as its operational and regulatory hub in the European Union (EU). Accordingly, it signaled its determination to expand its presence in the region under the Crypto Asset Markets (MiCA) regulation. Coinbase first established an office in Dublin, Ireland, in 2018. It also currently employs approximately 100 people.
What does the Coinbase move mean?
The company is actively seeking to obtain a license from the Central Bank of Ireland under the EU’s new MiCA regulation. Accordingly, it is expected that MiCA will come into force by December 2024. On the other hand, companies approved under MiCA have a privilege. Accordingly, it can provide services in all 27 EU member countries without the need to apply for a separate license in each country.
Coinbase’s international vice president Nana Murugesan makes a statement on the subject. Accordingly, he expresses the company’s intention to operate under the MiCA license “from day one”. He also praises Ireland’s strong engagement throughout the process. Coinbase is actively considering multiple member countries for expansion. Additionally, the decision to choose Ireland as a hub expresses the cryptocurrency exchange’s strategic growth plans.
Germany is also on the agenda
As part of Coinbase’s “Go Broad, Go Deep” international market strategy, which includes expanding its product and service offerings across Europe, the company has also identified Germany as a talent hub. Coinbase faces challenges in the U.S., including legal uncertainty and an ongoing lawsuit with the SEC. But despite this, Coinbase is determined to grow its global presence, in which the EU market plays a very important role.
The SEC’s legal actions have impacted Coinbase’s operations. Accordingly, the lack of clear regulatory rules in the United States prompted the company to explore international expansion opportunities. Coinbase filed a motion to dismiss the SEC’s lawsuit. Accordingly, he emphasized the need for meaningful regulation in the crypto industry.
Coinbase struggles with bear market
It is noteworthy that Coinbase chose Ireland as its European headquarters. Accordingly, it overcomes the difficulties in its domestic market. On the other hand, it emphasizes its strategic commitment to comply with MiCA regulations and expand its services throughout the EU. On the other hand, as we stated recently as cryptokoin.com, Coinbase has had its share of the bear market in terms of volume.
The stock market is experiencing significant volume loss. However, let us point out that this volume loss also applies to other cryptocurrency exchanges. Now Coinbase will try to overcome significant challenges with its move to Ireland.
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