Facing
challenges in the US, crypto exchange Coinbase has identified its primary
global regulatory hub as Ireland. The platform has already applied for a
license from the Central Bank of Ireland, aiming to align with new European
regulations set to take effect in December 2024.
As the US
tightens regulatory measures on cryptocurrency companies and the future of the
market in the country remains uncertain, Coinbase has started looking for
alternatives.
The
European Union’s (EU) Markets in Crypto-Assets (MiCA) regulations, which will
come into effect at the end of last year, are expected to provide such. If
Coinbase secures a license from Ireland’s central bank, it will be able to offer
its services to all EU customers under “passporting” rights, opening
up to a base of 450 million people.
Why Ireland
over France, Germany, or Italy? In a conversation with CNBC, who first reported
the news, Coinbase revealed that it has been operating its office in Dublin for
over five years, employing a team of more than 100 professionals there. Ireland
was, therefore, a natural choice.
Coinbase picks Ireland as its main EU regulatory hub as U.S. authorities go on the offensive https://t.co/prQTysNsQR
— CNBC (@CNBC) October 19, 2023
Coinbase is
confident it will secure a license in Ireland and be prepared from day one when
MiCA regulations come into effect, Nana Murugesan, the Vice President of
Coinbase’s International Operations, said to CNBC.
The
article is being updated continuously.
Facing
challenges in the US, crypto exchange Coinbase has identified its primary
global regulatory hub as Ireland. The platform has already applied for a
license from the Central Bank of Ireland, aiming to align with new European
regulations set to take effect in December 2024.
As the US
tightens regulatory measures on cryptocurrency companies and the future of the
market in the country remains uncertain, Coinbase has started looking for
alternatives.
The
European Union’s (EU) Markets in Crypto-Assets (MiCA) regulations, which will
come into effect at the end of last year, are expected to provide such. If
Coinbase secures a license from Ireland’s central bank, it will be able to offer
its services to all EU customers under “passporting” rights, opening
up to a base of 450 million people.
Why Ireland
over France, Germany, or Italy? In a conversation with CNBC, who first reported
the news, Coinbase revealed that it has been operating its office in Dublin for
over five years,…
