- Coinbase picks Ireland as main crypto hub under MiCa regulation
- The exchange has submitted an EU MiCa license application.
- Coinbase still battles legal claims from the U.S. Securities and Exchange Commission.
Coinbase has been weathering intense regulatory scrutiny since the beginning of the year, navigating a labyrinth of lawsuits and courtroom battles. Despite its challenges, the exchange remains undaunted, with its sights set on growth.
In the face of growing adversities in the US, Coinbase seeks promising opportunities abroad, with Europe emerging as a fertile ground for its expansion endeavors.
Coinbase in Ireland
On October 19th, Coinbase outlined its plans to establish Ireland as a focal point for its expansion within the European Union in a CNBC interview.
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The exchange, which currently holds an electronic money institution license and virtual asset service provider registration in Ireland, has applied for a license with the Central Bank of Ireland in alignment with MiCA’s new regulatory framework.
Coinbase’s Vice President of International and Business Development, Nana Murugesan, stated, “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, the way we are structured as a company, and also the potential of this innovative new technology.”
The potential approval of Coinbase’s MiCA license will solidify Ireland as the exchange’s main regulatory crypto hub and grant the exchange “passporting” capability to extend its services into key European markets such as Germany, France, the Netherlands, and more.
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Still embroiled in legal crosshairs with the United States Securities and Exchange Commission, Coinbase aims for a less tumultuous growth environment in the EU. The exchange’s Chief Legal Officer, Paul Grewal, stated that MiCA offers “a more substantial and serious approach to crypto regulation in that it isn’t caught up with the jurisdictional fights,” emphasizing the regulator’s focus on keeping consumers and investors safe.”
While Coinbase awaits the verdict on its MiCA license application, the company is reportedly gearing up to be fully operational from “day one” after the regulations come into effect.
To dive deeper into Coinbase’s ongoing legal battle with U.S regulators, read here:
Coinbase Hunts Dismissal of “Neither Prudent nor Lawful” SEC Lawsuit
Read more on the recent Aptos blockchain outage that disrupted transactions:
Aptos Blockchain One-Year Celebration Marred By Major Outage
