Coinbase Secures MiCA License in Luxembourg
In a significant development, Coinbase, a leading U.S. cryptocurrency exchange, has successfully acquired a license for crypto services from Luxembourg, positioning the nation as its main base of operations within Europe. Previously, the company had established its European headquarters in Ireland back in 2023.
MiCA License Announcement
On Friday, Coinbase announced its attainment of the “Markets in Crypto-Assets Regulation” (MiCA) license, granted by the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial supervisory authority.
About the MiCA Framework
This regulatory framework, known as MiCA, is designed to create a cohesive legal environment for cryptocurrency across all 27 nations in the European Union. It has been in full operation since the close of the previous year, with a focus on mitigating risks for consumers engaged in crypto-asset transactions—a response to the tumultuous scandals that have marked the industry.
Precedent Set by Coinbase
Notably, Coinbase stands out as the first U.S. cryptocurrency exchange to secure a MiCA license, setting a precedent in the market. In contrast, Gemini, another major player in the crypto sector co-founded by the Winklevoss twins, is on track to obtain its EU license shortly, having elected Malta as its MiCA regulatory site in January.
