Coinbase Seeks MiCA License, Plans to Continue EU Operations from Ireland

The European Union’s new regulation, set to be implemented in December 2024, was officially approved in May 2023.

Coinbase, a leading U.S.-based cryptocurrency exchange, has reportedly applied for a license in line with the EU’s latest Markets in Crypto-Assets (MiCA) regulations. This move comes amidst growing concerns over the U.S.’s unclear cryptocurrency regulations.

Speaking to CNBC, Nana Murugesan, the Vice President of International and Business Development at Coinbase, stated that the firm plans to further its operations in the European Union via its Irish headquarters.

Having set up its Dublin branch in 2018, Coinbase received approval from the Central Bank of Ireland in 2022 to function as a Virtual Asset Service Provider (VASP). This approval paved the way for Coinbase to cater to clients in Europe and beyond, directly from Ireland.

But the shifting regulatory landscape in the EU necessitated Coinbase’s decision to file new documentation in line with MiCA standards. The company aims to utilize this license across various European nations including, but not limited to, Germany, France, and Italy, all the while keeping its Dublin office as the main regulatory hub for EU operations.

The MiCA regulations stipulate that cryptocurrency enterprises must first gain authorization from a recognized national authority prior to offering their services within the EU. Additionally, the framework sets forth criteria regarding capital, governance, transparency, and the protection of consumer rights.