Coinbase, the largest crypto exchange in the US, has obtained a MiCA license from the financial regulator of Luxembourg, giving them the green light to offer regulated crypto services in all 27 countries of the European Union.
The victory is important as Coinbase’s competitors, including Binance, are said to be facing resistance when they are getting similar approvals for MiCA in the region.
Coinbase Secures Large First Mover Advantage in Europe
Follow up acceptance of the MiCA License in Europe, Coinbase has also announced that Luxembourg will be its official crypto location in Europe.
The exchange said that Luxembourg stood out because of its clear digital economy laws and a proactive approach to blockchain technology. The country has already passed four blockchain-related laws and adopted a government-backed approach to blockchain and distributed ledger technology (DLT).
Coinbase said, “By choosing Luxembourg, we are positioning ourselves in an environment that understands the needs of the crypto industry and excels in regulatory compliance.”
However, the new license also brings together Coinbase’s existing accounts in Germany, France, Ireland, Italy, the Netherlands, and Spain under a single regulatory framework.
One MiCA License Now Open to 27 EU Countries
For crypto users, this makes things easier. Coinbase can now offer its services in all 27 EU countries using a single license from Luxembourg instead of obtaining separate licenses in each country.
This also gives Coinbase access to more than 450 million people across Europe and allows users to access legitimate crypto services under the same rules wherever they are in the EU.
Coinbase, Ripple Advances As Binance Faces EU Regulatory Hurdle
Coinbase’s approval comes as exchanges compete to secure MiCA licenses in the face of rivals.
A few days ago, Ripple received it Initial approval for a Crypto Asset Service Provider (CASP) license from Luxembourg’s CSSF, which would allow it to serve clients in 30 countries of the European Economic Area after full approval.
Meanwhile, Binance has been having trouble in Europe after all reports said The Hellenic Capital Market Commission in Greece would not approve MiCA’s license.
In response, Binance said that it has decided to withdraw its application from Greece and instead seek approval from another EU country. Exchange he added that,
“When we are ready to announce a State Member, we will do so publicly.”
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