Coinbase has obtained a crypto asset market (MiCA) license from the Luxembourg Financial Industry Supervisory Commission, allowing it to offer crypto product services across EU countries.
This move marks the intensifying competition in the European crypto market, with several exchanges actively seeking regulatory registration. OKX and Crypto.com were the first to obtain MiCA licenses in January, followed closely by Bybit in May. According to Reuters, Gemini is also making steady progress towards obtaining a license in the region.
Coinbase chose Luxembourg as its new European headquarters primarily due to the country's strong reputation as a forward-looking financial center in Western Europe. Luxembourg is adjacent to Belgium, France, and Germany, and has been steadily advancing its cryptocurrency regulatory framework since 2019.
Coinbase stated, "Luxembourg is actively taking a whole-of-government collaborative approach to developing blockchain and distributed ledger technology, and has successfully implemented four blockchain-related policies through its national legislative body."
At the time of writing, according to Google Finance data, Coinbase's stock price rose by 4.95% on the day this news was announced, climbing from $295.29 at Thursday's close to $309.92.
In May of this year, Coinbase announced its acquisition of the options trading platform Deribit for $2.9 billion. On May 19, the exchange achieved a historic milestone by becoming the first cryptocurrency company to be included in the S&P 500 index, which comprises the 500 largest publicly traded companies in the United States.
MiCA is a regulatory framework aimed at unifying rules within the EU crypto industry, protecting investor rights, and enhancing financial stability. The framework was officially passed in May 2023 and will be fully implemented by December 2024.
European crypto investment is on the rise, with an estimated 10%-20% of European investors having engaged with this emerging industry.
Practicality rather than mere capital appreciation is gradually becoming the core driving force behind cryptocurrency adoption, with data showing that 70% of crypto payments flow into retail, dining, and beverage sectors. Additionally, the use of cryptocurrencies for decentralized finance applications is also on the rise in Eastern Europe.
Related: Reports indicate that the Governor of the Bank of Korea does not oppose the issuance of a won-pegged stablecoin.
Original article: “Coinbase Secures MiCA License, Names Luxembourg as EU Headquarters”
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