🖼 Coinbase Obtains EU Cryptocurrency License

Coinbase Obtains EU Cryptocurrency License

The US cryptocurrency exchange Coinbase has obtained a license issued by Luxembourg, allowing it to provide crypto services across the EU and using the country as its European core hub. Since 2023, the exchange's European headquarters has been located in Ireland.

Coinbase announced on Friday that it has obtained a Markets in Crypto-Assets Regulation (MiCA) license from the Luxembourg Financial Sector Supervisory Commission (CSSF). MiCA is a comprehensive regulation aiming to establish a unified legal framework for crypto assets in the 27 EU member states. The regulation came into full effect at the end of last year. After a series of scandals in the cryptocurrency industry, this new regulation is also committed to reducing the risks for consumers to purchase crypto assets.

This makes Coinbase the first US crypto exchange to obtain a MiCA license. Its competitor Gemini (founded by the Winklevoss twins) is expected to soon obtain an EU license from Malta. Gemini chose Malta as its MiCA hub base in January this year.

"Coinbase is fully committed to the European market, and we are driving the future development of cryptocurrencies across the continent," said Brian Armstrong, CEO of Coinbase. "MiCA sets industry standards, and Luxembourg is leading the way with its business-friendly environment and prudent regulatory approach."

via cnBeta.COM - Chinese Industry Information Website (author: Source: Global Market Report)