Coinbase has officially received regulatory approval to provide crypto services across the European Union by securing a MiCA license from Luxembourg’s financial regulator.
MiCA License and Its Significance
Obtaining the MiCA license makes Coinbase the first U.S.-based exchange to achieve such approval, which represents an important step in its European expansion strategy.
Move to Luxembourg
Initially, Coinbase identified Ireland as its European center, but later shifted its focus to Luxembourg due to its high level of crypto regulation and business-friendly environment. Daniel Seifert, Coinbase’s EMEA VP, noted that the move was not due to dissatisfaction with Ireland but was driven by Luxembourg's appeal as a more progressive financial hub.
Supporting the Crypto Industry in Europe
The MiCA regulations are coming into effect, impacting the 27-member bloc and aiming to protect consumers amid recent industry scandals. Despite the transition, Coinbase continues to maintain a significant presence in Ireland, planning to increase its workforce in Dublin by hiring approximately 50 new workers.
The receipt of the MiCA license and the move to Luxembourg highlight Coinbase's commitment to the European market and its support for the crypto industry across the continent.
