Coinbase announced it has secured a Markets in Crypto-Assets (MiCA) license from the Luxembourg Commission de Surveillance du Secteur Financier, enabling the company to offer crypto products across European Union countries. This significant event highlights the growing competition in the European crypto market.
Securing MiCA License
Coinbase has obtained a MiCA license from the Luxembourg Financial Supervisory Authority, confirming its ambition to offer products on the crypto market in EU countries. The MiCA license was adopted in May 2023 and will come into effect in December 2024, aimed at standardizing rules in the crypto industry and protecting investors.
New Headquarters in Luxembourg
Coinbase has selected Luxembourg as its new European headquarters, given the country's reputation as a progressive financial center. According to the company, Luxembourg is actively pursuing a whole-of-government approach to blockchain and distributed ledger technology and has passed four blockchain-related laws.
Growth of Crypto Investment in Europe
Recent data shows that crypto investments in Europe are rising, with an estimated 10% to 20% of European investors having some exposure to this nascent industry. Additionally, the utility of cryptocurrencies is becoming a key driver of adoption, with 70% of all crypto payments going to retail, food, and beverages.
The securing of the MiCA license and the establishment of a new headquarters in Luxembourg underscore Coinbase's serious intentions to expand its operations in Europe and promote the development of crypto investments on the continent.
