Popular American crypto exchange Coinbase has obtained its Market in Crypto Assets (MiCA) in Luxembourg. The firm’s license comes barely a month after Bybit secured its operational license from Austria’s Financial Market Authority (FMA).
The official announcement on the crypto exchange’s website reveals that this step forward will unlock new operational avenues for Coinbase, boost its credibility, and grant the company a unified regulatory entrance into all 27 member states of the European Union.
Choosing Luxembourg as New EU Headquarters
In a bid to stand tall in a region that not only leads in regulatory clarity but also promotes the needs of the crypto industry, Coinbase chose to secure its MiCA license in Luxembourg, known for its robust financial portfolio that has fostered its global prominence.
“Luxembourg is actively pursuing a whole-of-government approach to blockchain and DLT, and has passed four blockchain-related policies through the national legislature. This new hub represents a landmark step forward for Coinbase in Europe and strengthens the broader innovation ecosystem.”
Choosing Luxembourg means significant growth for Coinbase. This adds up to the crypto exchange’s expansion into different aspects of the industry, including web3 innovations.
MiCA License Drives Crypto Expansion
The latest news is a significant step forward for the crypto exchange as the firm extends access to crypto-regulated services to millions of customers across Europe, including Spain, the Netherlands, France, Italy, Ireland, and Germany. With the MiCA license in Luxembourg, the exchange will cement the boundaries of its operational territories under one framework.
Since its establishment in 2023, MiCA’s regulatory framework has made the European Union a crypto-friendly domain for its member states. Its regulations have provided users with the right to consumer protection.
More than securing regulatory clarity, Coinbase has been hands-on with crypto innovations. The exchange recently launched an institutional fund dubbed the Coinbase Bitcoin Yield Fund (CBYF).
Crafted to provide institutions with sustainable bitcoin-denominated returns for international investors, CBYF will give institutions a secure path to digital gold via the exchange’s expertise in the crypto industry.
