Coinbase, a prominent cryptocurrency exchange, has chosen Ireland as its strategic hub for managing the regulatory landscape of the European Union, as part of its global expansion strategy markets 'Go Broad, Go Deep'. This move allows Coinbase to position itself favorably in the 27 member states of the European Union, facilitating optimal growth and regulatory compliance.
Ireland’s appeal as a hub for Coinbase is multifaceted. It offers a favorable business environment characterized by low corporate taxes and an English-speaking population, which makes it by natural choice, especially after the uncertainty surrounding the financial environment London after Brexit. Furthermore, this decision is aligned with Coinbase’s broader strategy diversification of business on a global level, reducing dependence on the unique regulatory framework, such as that in the United States.
Jennifer Carroll MacNeill, Irish Minister of State at the Ministry of Finance, emphasized the importance of choosing a company like Coinbase for Ireland as a base for expansion. Such decisions are crucial for contributing to the sustainable development of Ireland’s thriving international financial services sector, which has developed over the past three decades.
Coinbase’s commitment to working with regulatory authorities in Ireland, Germany and more key member states of the European Union underlines his commitment to encourage a regulatory framework that is conducive to innovation and at the same time protects the interests of investors. This the obligation is aligned with the new regulatory framework of the European Union, known as MiCA, which has received positive reviews within the crypto industry for its establishment approach balanced regulatory environment. MiCA’s design provides a coordinated approach to across the continent, giving Coinbase access to a vast market of approximately 440 million consumers and a significant GDP of $16.6 trillion through its base in Ireland. This one the strategic choice underscores Coinbase’s commitment to its international growth and its proactive engagement in the evolving regulatory environment.