Coinbase Set Sights on Ireland As EU Crypto Hub

Despite ongoing regulatory challenges, Coinbase is is investing in compliance and expanding its product offerings across other markets.

Coinbase to Expand Across The EU

The U.S. leading crypto exchange Coinbase told Cointelegraph that it selected Ireland as its crypto hub under the EU’s new Markets in Crypto-Assets Regulation (MiCA).

Under MiCA, crypto-asset service providers (CASPs) will need to be licensed by a competent authority in an EU member state in order to operate in the EU. The Central Bank of Ireland (CBI) is one of the competent authorities that will be able to license CASPs under MiCA.

Coinbase reportedly applied for a license under MiCA with the Central Bank of Ireland (CBI). If approved, the company will be able to offer its services to customers in EU member states.

Daniel Seifert, Vice President and Regional Managing Director, EMEA of Coinbase, cited Ireland’s supportive political environment for fintech and respected regulatory landscape as the reasons for its decision.

In an interview with Financial News, Seifert hinted that Coinbase saw the growth potential in the UK and considered doubling down in this region. The company announced earlier this week that it selected Germany as a Talent Hub and would soon expand product and service offerings across the European Union. The current target list includes ‘Ireland, the Netherlands, Spain and Italy.’

Will Coinbase Leave The U.S.?

Coinbase is working to ensure regulatory compliance amid ongoing discussions around the regulatory landscape in the U.S. The exchange is in a legal battle with the U.S. Securities and Exchange Commission (SEC) after the agency accused Coinbase of operating as an unregistered securities exchange. Coinbase denied these allegations.

Many speculates the chance that Coinbase is leaving the economic powerhouse. On Wednesday, the firm launched perpetual contracts for BTC, ETH, LTC, and XRP. The trading products are available to non-US advanced customers.