Coinbase Establishes EU HQ in Ireland to Take Advantage of MiCA Regulation

Coinbase (NASDAQ:COIN), the second largest crypto exchange in the world, has announced a new office in Dublin, Ireland as its European Union headquarters. The EU has approved digital asset regulations under the MiCA law or Markets in Crypto Assets. The new regulations are being implemented now with complete implication taking some time. Coinbase, a digital asset firm that has been critical of the void in crypto regulation in the US, is effectively voting with their feet by expanding operations in Europe.

This week, Coinbase announced Germany as its regional talent hub, another sign that Coinbase is focusing significant resources on Europe and the large EU marketplace.

Daniel Seifert, VP and Regional Managing Director, EMEA at Coinbase, said they were happy to establish Ireland as their European hub.

“Ireland has a supportive political environment for Fintech companies, as well as a globally respected regulator,” said Seifert. “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 beyond, to bring this industry to its full potential with the advent of MiCA.”

Ireland is the base of operations for many tech firms operating in the EU and is well known for its business-friendly environment and low taxes. By supporting business, the Irish economy has benefited dramatically. Coinbase describes MiCA rules as a “pivotal moment for digital assets in the EU as it provides regulatory clarity – unlike the US.

Coinbase notes that it currently holds an e-Money license and VASP [virtual asset service provider] in Ireland. It also has a crypto license in Germany and other EU member states, including the Netherlands, Italy, and Spain.

Irish Minister of State at the Department of Finance, Jennifer Carroll MacNeill TD, issued a statement on Coinbase’s decision to locate in Ireland:

“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.”

Nana Murugesan, Vice President of International and Business Development at Coinbase, said they want to bring the benefits of crypto to the world and they are excited about the regulatory clarity in the EU. Murugesan said they are “accelerating our efforts to onboard the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritised.”

The Executive Director at IDA Ireland Mary Buckley said that Coinbase’s decision will signal Ireland’s attractiveness as a location for global financial services, a sector that is a priority for the country.

Coinbase has initiated a ‘Go Broad, Go Deep’ international market strategy which is expected to include other EU announcements.

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