Why crypto companies are flocking to Ireland ahead of MiCA
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Ireland continues to be an attractive destination for crypto companies, with Coinbase becoming the latest to bolster its presence there. Various companies in the segment have been expanding into the European Union ahead of the implementation of the Markets in Crypto Assets (MiCA) regulation. Under MiCA — passed in April — crypto asset services providers (CASPs) that seek to serve EU clients must gain licenses from national authorities. The regulatory framework expects to go into effect for such entities at the end of 2024. Coinbase chose Ireland as its “EU MiCA hub” due to the country’s supportive political environment for fintech companies and its “globally respected” regulator, the exchange said in a Thursday blog post. In the US, Coinbase remains at odds with the US Securities and Exchange Commission, which sued the company in June for alleged securities violations. Coinbase has denied wrongdoing. Read more: Coinbase is ramping up global efforts with ‘forward-looking regulators’ Coinbase opened up its Dublin office at the end of 2018 and received an e-money license from the Central Bank of Ireland the following year. It registered as a virtual asset service provider (VASP) in the country in December 2022. It also introduced an Ireland country director at the time. VASPs in Ireland can offer five services to Irish customers, including the exchange between digital assets and fiat currencies, as well allowing the swapping of digital assets for others. “Due to our existing operational structure in Ireland, we have access to deep talent pools with significant expertise in both financial services and innovative new technologies,” Coinbase said in its Thursday post. Not just Coinbase Dublin, as far back as 2018, was thought to be “one of the capitals of Europe’s burgeoning crypto economy,” according to Coinbase. Others seem to agree. Gemini became the first company to…
Filed under: News - @ October 21, 2023 6:20 am