Coinbase, the largest US-based exchange, has made a significant stride in its global expansion efforts by obtaining approval under the European Union’s Markets in Crypto-Assets (MiCA) regulation. This approval, which was granted by Luxembourg’s financial watchdog, the Commission de Surveillance du Secteur Financier (CSSF), allows Coinbase to operate legally in all 27 EU member states.
Faryar Shirzad, Coinbase’s chief policy officer, expressed excitement over the milestone, stating, “Coinbase is now licensed to operate across all 27 member states of the EU! The securing of our MiCA license is a massive step forward for our business in Europe.” This accomplishment has positioned Coinbase as the first American crypto exchange to receive formal MiCA recognition.
Coinbase CEO Brian Armstrong recently met with Luxembourg Prime Minister Luc Frieden and other government officials to celebrate this achievement. The move to shift the exchange’s regional headquarters from Ireland to Luxembourg aligns with the country’s progressive approach to digital innovation.
Luxembourg has been proactive in passing blockchain-related laws and leading digital finance policy efforts at the national level, making it an ideal jurisdiction for Coinbase’s European operations. The MiCA framework, which aims to establish unified rules for digital assets in the EU, sets the stage for a thriving crypto ecosystem while ensuring consumer protection and regulatory compliance.
Coinbase’s registration under the MiCA system puts it in the company of global competitors like OKX, Bybit, and Crypto.com, who have also secured the necessary licensing. The exchange hopes to see other European countries follow Luxembourg’s lead in setting high standards for crypto regulation.
In light of these developments, Coinbase emphasized the importance of policymakers driving ambitious initiatives to maintain Europe’s competitive edge in the global crypto market. The CSSF’s approval marks a significant milestone for Coinbase’s European strategy, signaling a new chapter in the exchange’s growth and expansion efforts.