The MiCA license enables Coinbase to offer crypto services across all EU member states—a milestone that sets the exchange apart from American rivals. Previously, Coinbase had focused on Ireland, but regulatory clarity and proactive policies led the company to choose Luxembourg instead.
“By choosing Luxembourg, we’re positioning ourselves in a jurisdiction that truly understands the crypto industry’s needs and offers regulatory clarity. Luxembourg has already implemented a nation-wide approach to blockchain and DLT,” Coinbase stated in its press release.
In an interview with CNBC, Daniel Seifert, VP and Regional Managing Director EMEA at Coinbase, emphasized Luxembourg’s progressive stance, noting the country’s four enacted crypto laws, compared to none in Ireland. The MiCA framework itself is the EU’s most comprehensive regulatory regime for digital assets, adopted by the European Council in June 2023.
The implementation of MiCA is unfolding in two phases, originally set to finish by the end of 2024, but some EU countries are still adapting national rules. Other exchanges have also moved to comply with MiCA—Bybit, for example, recently registered in Austria, and U.S. competitor Gemini is seeking approval in Malta, according to Reuters.