Coinbase, a company that deals with digital money like Bitcoin, has asked the Central Bank of Ireland for permission to operate in the European Union. If they get the approval, they can offer their services to all countries in the EU.
Coinbase is based in the US but wants to have a strong presence in Europe. They’ve chosen Ireland to be their main place for dealing with digital money in the EU. This is because Ireland follows a set of rules called the Markets in Crypto Assets Regulation (MiCA), which is important for handling digital money.
With MiCA, which should start in late 2024, Coinbase can serve a really big market in the EU. This market has 450 million people in 27 countries. They’ll have one set of rules to follow, and one group overseeing what they do.
Right now, Coinbase already has permission to handle electronic money in Ireland. They’re also allowed to provide services related to virtual assets. In Germany, they have a license to deal with digital money, and they’re registered in a few other EU countries too.
A person from Coinbase, Daniel Seifert, said they’re happy to choose Ireland for their operations under MiCA. Ireland is good for fintech companies like Coinbase, and they trust the regulators there. He also mentioned that Ireland is a leader in this area, and they’re looking forward to working with regulators not only in Ireland but also in Germany and other places.
Nana Murugesan, who works at Coinbase, said that the agreement about MiCA in the EU is a big step in making rules for digital money. They think it’s important. He also pointed out that their registration in Ireland shows they’re working closely with the Central Bank of Ireland.
This year, Coinbase has been working hard to grow in Europe, even though there are a lot of uncertain rules. They’ve been doing this even more after they got sued by US securities regulators in June. In September, they got permission from Spain’s central bank to offer their services there, following the rules against money laundering. They can now help regular people and big investors with their digital money in Spain, the right way.