Coinbase has announced that it has chosen Ireland as its EU MiCA hub, in what the company says marks another important chapter in its international expansion. With MiCA, which will apply to crypto asset service providers from the end of 2024, Coinbase can serve one of the largest economies in the world – 450 million inhabitants, across 27 countries, under one regulatory framework and with one national supervisor.
“Today, we are pleased to announce that we have chosen to locate our EU MiCA hub in Ireland. Ireland has a supportive political environment for FinTech companies, and is home to a globally respected regulator. Due to our existing operational structure in Ireland, we have access to deep talent pools with significant expertise in both financial services and innovative new technologies. Ireland is a leading jurisdiction in this space, and we look forward to working with regulators in Ireland, Germany and other key EU member states, to bring this industry to its full potential with the advent of MiCA,” said the announcement.
Speaking on the announcement, Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance said: “I welcome Coinbase’s continued commitment to Ireland and wish them every success in locating their EU MiCA entity here. Along with the IDA, the Government continues working hard to attract the best business, the compliant business, the innovative business and the strong risk management business to Ireland when it comes to the provision of financial services. Companies who grow and expand here will help provide a sustainable future as part of our broader successful international financial services industry which has been built up over the last three decades.”
Mary Buckley, Executive Director at IDA Ireland said, “We welcome Coinbase’s intention to locate its European MiCA hub in Ireland, subject to CBI approval. This will build on the company’s existing presence here and signals Ireland’s attractiveness as a location for global financial services, a sector that continues to be a priority for IDA Ireland.”