The cryptocurrency exchange Coinbase has successfully completed its registration in Luxembourg, obtaining a license under the EU regulation on markets in crypto-assets (MiCA). The company registered with the Luxembourg Financial Sector Supervisory Commission (CSSF) and announced plans to make this country its regional hub for operations in Europe.
This is reported by Business • Media
Coinbase Expands Its Presence in the EU
With the appropriate authorization, Coinbase has become the first American exchange to obtain a MiCA license, allowing it to provide a wide range of cryptocurrency services across the European Union. Previously, the company considered Ireland as its main site for expansion; however, according to Daniel Seifert, Vice President and Regional Managing Director of Coinbase for the EMEA region, management chose Luxembourg due to its greater potential and active support for the crypto industry. It is worth noting that Luxembourg has already enacted four laws regulating cryptocurrency activities, while Ireland still lacks a similar regulatory framework.
“By choosing Luxembourg, we are positioning ourselves in a jurisdiction that understands the needs of the crypto industry and stands out for its regulatory clarity. Luxembourg is actively implementing a nationwide approach to blockchain and DLT,” the release states.
Implementation of MiCA and New Market Players
The MiCA regulation is a comprehensive legislative framework for regulating the crypto-assets market in the EU. It was finally approved by the Council of the European Union in June 2023, and its implementation occurs in two phases. It was expected that all EU countries would complete the adaptation of the new rules by the end of 2024; however, some states are still on the path to full legislative harmonization.
In addition to Coinbase, several other companies are seeking or have already obtained a MiCA license. For example, the exchange Bybit has registered in Austria, while the American platform Gemini is currently processing documents in Malta and may soon also receive the corresponding authorization.