Crypto platform Coinbase is to use Ireland as the main location for its operations and regulation in Europe.
The company has chosen this country as its entity location under the EU's Markets in Crypto-Assets (MiCA) Regulation, which will be introduced to regulate crypto asset service providers across the union from the end of next year.
It follows Coinbase’s receipt of an e-money institution licence and Virtual Asset Service Provider registration from the Central Bank late last year.
"Ireland has a supportive political environment for FinTech companies, as well as a globally respected regulator," said Daniel Seifert, Vice President and Regional Managing Director, EMEA at Coinbase.
"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 beyond, to bring this industry to its full potential with the advent of MiCA."
If it receives MiCA approval, the US company will be able to launch services into other EU countries without needing to get licences in each country.
Coinbase has around 100 employees in Dublin where it has had an office since 2018.
Crypto firms in general are under significant pressure globally at present following a clampdown from regulators in the wake of a number of scandals and platform failures.
Coinbase is currently facing legal action from the US Securities and Exchange Commission which is accusing it of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator.
Coinbase has sought the dismissal of the case, arguing that the SEC had no authority to pursue its lawsuit because the digital assets and services at issue did not qualify as securities.
