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Announcing Ireland as our EU MiCA Entity Location

Tl;Dr: Coinbase has chosen Ireland as its EU MiCA hub, in what marks another important chapter in our international expansion. With MiCA, which will apply to crypto asset service providers from the end of 2024, Coinbase can serve one of the largest economies in the world - 450 million inhabitants, across 27 countries, under one regulatory framework and with one national supervisor. 

By Nana Murugesan, Daniel Seifert

International

, October 18, 2023

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Today, we are pleased to announce that we have chosen to locate our EU MiCA hub in Ireland. Ireland has a supportive political environment for FinTech companies, and is home to a globally respected regulator. 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. Ireland is a leading jurisdiction in this space, and we look forward to working with regulators in Ireland, Germany and other key EU member states, to bring this industry to its full potential with the advent of MiCA.

Speaking on the announcement, Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance said: “I welcome Coinbase’s continued commitment to Ireland and wish them every success in locating their EU MiCA entity here. Along with the IDA, the Government continues working hard to attract the best business, the compliant business, the innovative business and the strong risk management business to Ireland when it comes to the provision of financial services. Companies who grow and expand here will help provide a sustainable future as part of our broader successful international financial services industry which has been built up over the last three decades.”

Currently, Coinbase has an e-money institution license and VASP registration in Ireland;  a crypto license in Germany; and a number of national registrations in other large member states across the EU (including Italy, the Netherlands and Spain). Average crypto adoption across the region stands at 10% and, according to the European Commission’s Eurobarometer, currently 11% of Irish adults are invested in digital assets.

This announcement is another move in Phase II of Coinbase’s ‘Go Broad, Go Deep’ international market strategy, for which there are a number of exciting plans afoot in other EU countries across 2024,  including our recent announcement about our regional talent hub in Germany. 

We are focused on bringing the benefits of crypto to the world. Choosing Ireland as our EU MiCA hub allows us to leverage our existing operations and scale growth across the 27 European member countries in the best possible way, accelerating our efforts to onboard the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritised. 

The recent adoption of MiCA by European Union policymakers also represents a pivotal moment for cryptocurrencies in the region. The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognising the potential that emerging technology can provide. 

Mary Buckley, Executive Director at IDA Ireland said, “We welcome Coinbase’s intention to locate its European MiCA hub in Ireland, subject to CBI approval. This will build on the company’s existing presence here and signals Ireland’s attractiveness as a location for global financial services, a sector that continues to be a priority for IDA Ireland.”

Coi​​nbase looks forward to working with the Central Bank of Ireland on the MiCA authorisation process. 

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International

Nana Murugesan

About Nana Murugesan

Nana Murugesan is the Vice President of International and Business Development at Coinbase where he leads the company’s international operations and global partnerships. Previously, he was the Managing Director of International Markets at Snap Inc. where he led Snapchat’s international expansion and strategic partnerships.

Earlier in his career, Nana was the Vice President and General Manager at Samsung, where he served in a number of strategy, partnerships, and operations roles to launch and grow their Galaxy smartphone and services business, notably Samsung Pay. He also held product roles at Cisco and strategy consulting roles at BCG.

Nana received his BE in Engineering from the University of Madras, MS in Engineering from the University of Wisconsin-Madison and MBA from The Wharton School at the University of Pennsylvania.