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<ul class="list-ic vertical"> 
 <li> 1 <a>Coinbase has submitted an application seeking a license under MiCA.</a> </li> 
 <li> 2 <a>The crypto exchange is planning to settle in Ireland, seeking expansion in the European Union.</a> </li> 
</ul> 
Cryptocurrency companies are seeking suitable opportunities offshore due to tightening scrutiny in the United States. Popular firms like Coinbase seemingly find it more comfortable playing on foreign turfs. Recently, the leading U.S. crypto exchange reported to go with setting its hub in Ireland. This way the company will have a gateway to the European Union.&nbsp; 
CNBC reported that Coinbase submitted an application with the Central Bank of Ireland. The application seeks the license under the highly anticipated Markets in Crypto-Assets (MiCA) regulation brought by the European Union (EU). The MiCA regulations are likely to come into action by the end of 2024.&nbsp; 
Upon approval, Coinbase will obtain a universal “MiCA license” in Ireland, enabling the company to expand its services into various European Union countries. These countries include Germany, France, Italy, the Netherlands, and more. 
Coinbase has maintained a Dublin office since 2018 and currently employs approximately 100 individuals in Ireland. With the anticipated license, the company will be better positioned to introduce new products in those markets, streamlining the process by negating the need to apply for individual licenses in each country. Coinbase expresses confidence in its ability to secure this sought-after license. 
Coinbase is actively planning to be fully operational with its MiCA license right from the outset, as confirmed by Nana Murugesan, the Vice President of International at Coinbase, during discussions with CNBC. 
MiCA represents the European Union’s initiative to establish a comprehensive regulatory framework for cryptocurrency companies. This framework aims to provide safeguards for individuals engaging in the buying and selling of crypto assets, including popular cryptocurrencies like Bitcoin and Ethereum. 
Under these regulations, cryptocurrency firms will gain the privilege of utilizing a single license from one EU member state to conduct operations across all 27 EU member states, streamlining and harmonizing regulatory processes within the union. 
The regulation places several obligations on cryptocurrency firms, particularly exchanges. One key requirement is that they must avoid mingling client funds with assets of their own.&nbsp; 
Presently, Coinbase holds an electronic money institution license and virtual asset service provider registration in Ireland, a cryptocurrency license in Germany, and national registrations in various other EU member states, which encompass Italy, the Netherlands, and Spain. 
Coinbase’s decision for expansion arrives amidst a challenging period for the cryptocurrency sector. Crypto companies have witnessed dwindling trading volumes, a slowdown in fundraising, and an uptick in regulatory oversight, partially due to tougher macroeconomic conditions.&nbsp; 
In the face of mounting regulatory scrutiny, <a href="https://www.thecoinrepublic.com/2023/06/06/sec-sues-coinbase-claims-its-an-unregistered-securities-exchange/" target="_blank" rel="noreferrer noopener">Coinbase</a> is strategically focusing on growth within the European Union, a region encompassing a population of 450 million.&nbsp; 
Simultaneously, the company is seeking opportunities in other international hubs. This approach allows Coinbase to address regulatory pressures, notably from the U.S. Securities and Exchange Commission, which has accused the company of running an illegal securities platform.

Coinbase To Seek MiCA License, Banking On EU With Hub in Ireland

Thecoinrepublic.com

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