Coinbase To Establish Dublin HQ As MiCA Regulation Approaches
By Benzinga
Coinbase (NASDAQ:COIN) has identified Ireland as its principal center for EU operations and regulatory affairs.
What Happened: The crypto exchange has forwarded its licensing application to the Central Bank of Ireland in preparation for the move, CNBC reported.
The decision aligns with the upcoming enactment of the European Union’s Markets in Crypto-Assets (MiCA) regulation, anticipated by December 2024.
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Coinbase is no stranger to Dublin. The company established an office there in 2018 and currently employs around 100 individuals.
Why It Matters: The approval of the MiCA license in Ireland is strategic as it facilitates a “passport” for Coinbase, enabling it to extend its services effortlessly across various EU nations including Germany, France, Italy, and the Netherlands.
This "passporting" advantage significantly streamlines the process for Coinbase when introducing new offerings in these markets, bypassing the need for securing individual licenses per country.
Nana Murugesan, Coinbase’s Vice President of International, conveyed to CNBC earlier this week that the company intends to be fully operational under the MiCA license from “day one."
Coinbase has already made regulatory strides in Italy, the Netherlands, and Spain, although it's concurrently addressing allegations from U.S. federal and state regulatory bodies regarding its need to register as a securities exchange.
In a pursuit for regulatory transparency, as outlined in a September blog post, Coinbase is actively targeting such clearances as a part of its broader international outreach initiatives.
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