Financial news

According to crypto payment gateway, TripleA, there are around 31 million cryptocurrency users in Europe. Looking to tap into this consumer base, Coinbase, the global crypto exchange, has selected Ireland as its EU MiCA entity location.

Currently, Coinbase has an e-money institution license and VASP registration in Ireland; a crypto license in Germany; and a number of national registrations in other large member states across the EU (including Italy, the Netherlands and Spain). Average crypto adoption across the region stands at 10 per cent. Furthermore, according to the European Commission’s Eurobarometer, currently 11 per cent of Irish adults are invested in digital assets.

Speaking on the announcement, Daniel Seifert, vice president and regional managing director, EMEA at Coinbase, said: “We are delighted to select Ireland as our MiCA hub. Ireland has a supportive political environment for fintech companies, as well as 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 beyond, to bring this industry to its full potential with the advent of MiCA.”

The next step of ‘Go Broad, Go Deep’

This announcement is another move in Phase II of Coinbase’s ‘Go Broad, Go Deep’ international market strategy, for which there are a number of exciting plans afoot in other EU countries across 2024, including our recent announcement about our regional talent hub in Germany.

Nana Murugesan, vice president of international and business development at Coinbase, said: “We’re focused on bringing the benefits of crypto to the world, and are excited about regulatory clarity in the EU. Choosing Ireland as our MiCA hub allows us to leverage our existing operations and scale growth across the 27 EU member countries in the best possible way, accelerating our efforts to onboard the next one billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritised.”

The recent adoption of MiCA by European Union policymakers represents a pivotal moment for digital assets in the region. The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognising the potential that emerging technology can provide.

A welcome addition to the EU crypto sphere

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.”