Cryptocurrency exchange Coinbase has disclosed its strategic move to establish Ireland as its primary operational and regulatory hub within the European Union, according to an exclusive interview with CNBC↗︎.

Coinbase has formally applied for a license under the EU’s forthcoming Markets in Crypto-Assets (MiCA) regulation, slated to be effective by December 2024, in collaboration with the Central Bank of Ireland.

Having maintained a presence in Dublin since 2018, Coinbase presently sustains a workforce of approximately 100 employees in Ireland.

Pending approval, Coinbase will be granted a universal “MiCA license” in Ireland, enabling the company to “passport” its services seamlessly into key EU member states including Germany, France, Italy, and the Netherlands, eliminating the need for individual licenses in each nation. This streamlined approach will facilitate Coinbase in introducing innovative products swiftly and efficiently to these markets.

Nana Murugesan, Coinbase’s Vice President of International, expressed confidence in the company’s ability to secure the coveted license, emphasizing their preparedness to commence operations on the very day it is granted.

The move comes in anticipation of the MiCA regulation, designed to bring comprehensive regulatory oversight to the rapidly evolving cryptocurrency landscape within the EU. Coinbase’s decision to make Dublin its cornerstone in the EU underscores the city’s growing significance as a pivotal hub for financial technology and innovation.