Bank AI

This move isn't the firm's first interaction with the country as Coinbase has maintained a presence in Dublin since 2018, boasting a workforce of around 100 individuals. As of now, it already holds an e-money institution license and virtual asset service provider (VASP) registration in <a href="https://financefeeds.com/paytrix-appoints-joe-redmond-as-ceo-of-ireland-operation/" rel="noopener noreferrer nofollow">Ireland</a>, a cryptocurrency license in Germany, and various national registrations in other EU member states.
The registration covers two entities: Coinbase Europe Limited, and Coinbase Custody International Limited, both of which are based in Ireland. Coinbase Europe provides crypto trading services to customers in Europe, while Coinbase Custody International provides crypto custody to institutional customers.
Acquiring this license would be a crucial milestone for <a href="https://financefeeds.com/coinbase-delists-80-trading-pairs-none-involves-usdc/" rel="noopener noreferrer nofollow">Coinbase</a>. With the MiCA license under its belt, the crypto exchange can "passport" its array of services to several European nations, including major markets like Germany, France, Italy, and the Netherlands.
The license would obviate the need for Coinbase to navigate through the bureaucratic maze of securing individual permissions in each EU state. Nana Murugesan, Coinbase's Vice President of International, highlighted the company's readiness to capitalize on this license from the outset.
“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. 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,” added Coinbase EMEA vice president and regional managing director Daniel Seifert said.
The implementation of <a href="https://financefeeds.com/malta-to-amend-its-crypto-regulations-to-synchronize-with-mica/" rel="noopener noreferrer nofollow">MiCA in 2024</a> is eagerly anticipated as it offers a singular regulatory structure spanning 27 countries and catering to around 450 million individuals. Such a unified framework, overseen by a sole national supervisor, promises to simplify business operations for firms like Coinbase.
From Dublin, Coinbase will be able to build and launch products and services for the European customer base. Additionally, the exchange operator can build strategic relationships with the global banks, particularly as the ongoing uncertainty around Brexit is still weighing on the ecosystem.
The Central Bank of Ireland, the country’s financial services regulator, has approved&nbsp;<a href="https://financefeeds.com/cftc-sues-winklevoss-gemini-exchange-over-bitcoin-futures-contract/" rel="noopener noreferrer nofollow">Coinbase</a>&nbsp;to accept cryptocurrency transactions in euros and sterling. The platform allows retail customers and institutions to open a Coinbase account to deposit, trade, and custody around 100 cryptocurrencies, including DeFi tokens.
<a href="https://financefeeds.com/n26-rolls-out-crypto-trading-in-germany-switzerland-belgium-portugal-and-ireland/" rel="noopener noreferrer nofollow">Irish Fintechs</a> and other corporations can also access Coinbase’s crypto-native services like custody, clearing, trade execution, price discovery, and portfolio management services.

Coinbase to base EU regulatory operations in Ireland

FinanceFeeds

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