The United States-based cryptocurrency exchange Coinbase has officially announced that it has chosen Ireland as the crypto hub in Europe with the goal of complying with new crypto regulations and expanding its services.
Choosing Ireland for MiCA Compliance, the EU Crypto Asset Markets Regulation
Coinbase stated in a statement to Cointelegraph that it has chosen Ireland to comply with the European Union’s Crypto Asset Markets Regulation, known as MiCA. This regulation aims to regulate and supervise the cryptocurrency sector within the European Union comprehensively.
Coinbase’s Goals with MiCA
In its announcement, Coinbase mentioned that with the implementation of the MiCA regulation, which is expected to come into effect by the end of 2024, the company will be able to serve a total of 450 million users in 27 EU countries.
Lastly, the MiCA regulation will simplify conducting business under a single regulatory framework and will require working with a single national regulator. Additionally, it will enable the company to have authority in multiple EU countries, facilitating its cross-border operations.