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The new European regulation, officially approved in May 2023, is set to come into force in December 2024.
One of the top U.S.-based cryptocurrency exchanges, <a href="https://crypto.news/tag/coinbase/" data-type="link" data-id="https://crypto.news/tag/coinbase/" rel="noopener noreferrer nofollow">Coinbase</a>, is said to have submitted its application for a license under the EU’s new Markets in Crypto-Assets (MiCA). At the same time, the current U.S. regulatory crypto environment leaves much to be desired.
In a <a href="https://www.nbcmiami.com/news/business/money-report/coinbase-picks-ireland-as-its-main-eu-regulatory-hub-as-u-s-authorities-go-on-the-offensive/3136927/" target="_blank" rel="noopener noreferrer nofollow">commentary</a> to CNBC, Nana Murugesan, Vice President of International and Business Development at Coinbase, said the exchange has also decided to continue working in the European Union through its base in Ireland.
Coinbase first established its office in Dublin, Ireland, back in 2018. In late 2022, the exchange <a href="https://crypto.news/coinbase-is-awarded-license-to-operate-in-ireland/" target="_blank" rel="noopener noreferrer nofollow">won approval</a> from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). The decision allowed the company to continue providing products and services to individuals and institutions in Europe and internationally from Ireland.
You might also like: <a href="https://crypto.news/malta-takes-next-steps-to-align-with-eus-mica-regulation/" rel="noopener noreferrer nofollow"> Malta takes next steps to align with EU’s MiCA regulation </a>
However, with the recent regulatory changes in the European Union, Coinbase decided to resubmit documents to comply with the MiCA requirements, keeping its office in Ireland as the regulatory hub for the EU. The company reportedly plans to use the new license across European countries such as Germany, France, Italy, etc.
The&nbsp;<a href="https://crypto.news/malta-takes-next-steps-to-align-with-eus-mica-regulation/" rel="noopener noreferrer nofollow">MiCA</a>&nbsp;framework requires crypto companies to obtain authorization from a national competent authority before offering their services in the EU. It also imposes capital requirements, governance standards, disclosure obligations, and consumer rights.
The new legal framework <a href="https://crypto.news/crypto-companies-seek-more-time-amid-new-mica-regulations/" target="_blank" rel="noopener noreferrer nofollow">is expected</a> to come into force in December 2024, but some crypto companies are hoping for a more extended transition period of up to five years. They argue that the new rules could be more complex and costly to implement, especially for smaller and more unique players in the industry.
Read more: <a href="https://crypto.news/binance-executive-flags-potential-eu-stablecoin-removal-amid-mica-uncertainty/" rel="noopener noreferrer nofollow"> Binance executive flags potential EU stablecoin removal amid MiCA uncertainty </a>

Coinbase applies for MiCA license with EU hub in Ireland

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