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Coinbase secured a Luxembourg MiCA license to serve all 27 European Union member states.
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The license gives Coinbase access to over 450 million users under one regulatory framework.
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Ripple advances toward MiCA approval while Binance reportedly faces regulatory setbacks in Greece.
Coinbase, the largest U.S. crypto exchange, has secured a MiCA license from Luxembourg’s financial regulator, giving it the green light to offer regulated crypto services across all 27 European Union countries.
The achievement is even more important as Coinbase’s competitors, including Binance, have reportedly faced rejection while securing similar MiCA approvals in the region.
Coinbase Secures a Major First Mover Advantage in Europe
Following the approval of the MiCA Licence in Europe, Coinbase also announced that Luxembourg will become its official European crypto hub.
The exchange said Luxembourg stood out because of its clear digital asset rules and proactive approach to blockchain innovation. The country has already passed four blockchain-related laws and adopted a government-wide strategy to support blockchain and distributed ledger technology (DLT).
However, the new license also brings together Coinbase’s existing registrations in Germany, France, Ireland, Italy, the Netherlands, and Spain under one regulatory framework.
MiCA’s One License Now Opens the Door to 27 EU Countries
For crypto users, this makes things much simpler. Coinbase can now offer its services across all 27 EU countries using one license from Luxembourg instead of getting separate approvals in each country.
This also gives Coinbase access to more than 450 million people across Europe and allows users to access regulated crypto services under the same set of rules wherever they are in the EU.
Coinbase, Ripple Advances While Binance Faces EU Regulatory Hurdle
Coinbase’s approval comes as exchanges compete to secure MiCA licenses before rivals.
Just a few days ago, Ripple received preliminary approval for a Crypto Asset Service Provider (CASP) license from Luxembourg’s CSSF, which would eventually allow it to serve customers across the 30-country European Economic Area once fully approved.
Meanwhile, Binance has hit a hurdle in Europe after reports suggested Greece’s Hellenic Capital Market Commission was unlikely to approve its MiCA licence application.
In response, Binance said it has decided to withdraw its application in Greece and instead seek approval in another EU member state. The exchange added that,
