Business Markets News Report
October 19, 2023

Coinbase Targets EU Expansion with Ireland as its New Regulatory Hub

Coinbase Targets EU Growth with Ireland as New Regulatory Epicenter

Coinbase, a leading cryptocurrency exchange, is pivoting its focus to Europe, choosing Ireland as its central operational and regulatory hub within the European Union. This move comes as company feels increased regulatory pressure in its home territory, the United States.

Coinbase has been familiar with the Irish terrain, having established its office in Dublin back in 2018, now employing roughly 100 individuals in the country.

The latest strategic decision comes on the heels of the company’s submission for a license under the EU’s upcoming Markets in Crypto-Assets (MiCA) regulation, which is expected to be operational by December 2024.

By securing the MiCA license, Coinbase aims to streamline its operations across major European markets such as Germany, France, Italy, and the Netherlands.

This “passporting” would allow Coinbase to introduce new products across these regions without navigating each country’s individual licensing procedure. Nana Murugesan, Vice President of International at Coinbase, expressed the company’s ambition to capitalize on this license from its inception.

The company is planning to be operational with its MiCA license from “day one”

Nana Murugesan said

Coinbase’s Current Regulatory Landscape

Despite its U.S. roots, Coinbase is navigating stormy waters in its homeland, especially with the U.S. Securities and Exchange Commission (SEC) accusing it of operating an unauthorized securities platform. Coinbase counters these claims and emphasizes the need for distinct cryptocurrency legislation in the U.S.

Paul Grewal conveyed his concerns over the sluggish pace of crypto regulation in the U.S. He remains optimistic, however, about the future, as courts are starting to question the SEC’s interpretation of U.S. securities laws, especially concerning cryptocurrencies. Grewal highlighted the contrasting regulatory approach in Europe, where the focus remains on consumer protection.

Coinbase’s Expansion Vision

Europe holds a significant potential market for Coinbase, with the continent boasting a population nearing 450 million. Although Europe lags behind North America in terms of digital asset usage, Coinbase is optimistic about the growth potential. In recent financial disclosures, the company revealed that up to 20% of its revenue stems from Europe.

Exchange also announced its plans to enhance its presence in Germany, intending to make it their regional “talent hub” and enhance its product offerings tailored specifically for the German market.

Coinbase is focusing on an EU-based strategy. They are thinking about launching new crypto products in Europe. The priority is on daily uses. These include functions like payments.

They are prioritizing these over trading activities. Daniel Seifert holds a significant position at Coinbase. He is the Vice President of EMEA. Seifert gave some hints. These were about future integrations.

The integrations involve payment providers. The goal is to make it easy. Users should access digital tokens with ease. They should do this through Coinbase. He teased that the company has an array of exciting plans for Europe in the pipeline.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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