Coinbase has established its presence in Europe by securing a crypto service license from the CSSF in Luxembourg. This license represents a significant milestone for the company and enables it to expand its services throughout the EU.
MiCA License and Its Significance
The MiCA license is intended to harmonize legal norms regarding crypto assets across all 27 EU countries, which should reduce risks for consumers purchasing crypto assets. Coinbase is the first U.S. exchange to receive this license.
Base Change and Luxembourg's Economic Policy
Coinbase CEO Brian Armstrong stated that the company is fully committed to Europe and noted that Luxembourg has a pro-business climate and a thoughtful regulatory approach. Coinbase VP Daniel Seifert mentioned that the choice of Luxembourg was driven by its status as a forward-thinking financial hub.
Market Reaction to the License Announcement
COIN stock surged by 2.3% following the announcement of the license, reaching $302. Meanwhile, other crypto exchanges like Bybit and OKX have also secured MiCA licenses, each with its own terms.
The receipt of the MiCA license in Luxembourg marks an important step for Coinbase, reinforcing its position in Europe and highlighting the growing interest in global crypto regulation.
