Digital asset exchange Coinbase is making significant moves to establish itself as a dominant player in the European market. The company recently announced that it has chosen Ireland as its crypto hub within the continent, positioning itself strategically for further expansion and growth.
Operational and Regulatory Hub
On October 19, Coinbase unveiled its plans to make Ireland its operational and regulatory hub within the European Union (EU). This decision comes as the exchange faces increasing pressure from United States authorities. By complying with the Markets in Crypto Assets (MiCA) regulation, Coinbase has applied for an operational license in Ireland, aiming to use it as a gateway to the rest of the continent.
“It was really important for us to choose a member state that is not only a sophisticated regulator with significant experience in regulating financial services but also recognizes the importance of a globally integrated business model.” – Coinbase International Vice President Nana Murugesan
Under the MiCA regulations, an exchange can offer its services to all 27 EU member nations using a single license obtained in a member country. Coinbase, which already operates an office in Ireland with a dedicated team of 100 employees, is confident in its ability to obtain the license and be fully compliant from day one.
Expanding into the Lucrative European Market
Coinbase’s decision to establish a strong presence in Europe is driven by the region’s push for regulatory clarity and its crypto-friendly policies. With a population of over 450 million people and an emerging crypto market, Europe is seen as potentially more lucrative than the United States, which is currently facing regulatory turmoil.
“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.” – Coinbase
As part of its expansion plans, Coinbase has been actively seeking partnerships with banks and financial institutions in Europe. The company aims to leverage this network to expand its range of products and services. Last month, Coinbase published its international expansion plans, with Europe being one of its top priorities along with markets like Brazil, Singapore, and Canada.
Despite its ongoing legal battle with the Securities and Exchange Commission (SEC) in the United States, Coinbase remains optimistic about the future. The company is committed to defending itself against the allegations made by the SEC and hopes for better rule clarity in the future, rather than relying solely on court battles.
