Coinbase, the cryptocurrency exchange, has selected Ireland as its primary operational and regulatory center within the European Union, according to an exclusive interview with CNBC. Coinbase has officially applied for a license under the upcoming Markets in Crypto-Assets (MiCA) regulation of the EU, slated to take effect by December 2024, with the Central Bank of Ireland. The company has maintained an office in Dublin since 2018 and currently employs approximately 100 individuals in Ireland.
Upon approval, Coinbase will secure a comprehensive “MiCA license” in Ireland, allowing it to “passport” its services into various EU countries such as Germany, France, Italy, the Netherlands, and others. This streamlined approach will enable this crypto exchange to introduce new products in these markets without the need to seek individual licenses in each respective country. This crypto exchange expresses confidence in its ability to obtain this license.
Nana Murugesan, Coinbase’s Vice President of International, stated in an interview with CNBC earlier this week that the company aims to be operational with its MiCA license from the very beginning.
Coinbase to Launch Products in EU
According to Murugesan, Coinbase might even consider introducing new products in Europe before introducing them in the United States. He sees the European Union as a testing ground for exploring practical applications of cryptocurrencies that people can use in their everyday lives, such as payments and transactions, as opposed to just trading, as he explained to CNBC.
He further stated, “With the MiCA framework and the clarity it provides, it allows us to foster innovation. Consequently, we anticipate that some of these everyday use cases will debut in the EU initially.”
Daniel Seifert, Coinbase’s Vice President for Europe, the Middle East, and Africa (EMEA), also mentioned that the company is actively exploring collaborations with other payment service providers to facilitate users’ access to digital tokens through Coinbase. He added, “There are numerous exciting initiatives for the region that we will witness in the upcoming weeks and months.”