Coinbase Secures MiCA License, Expanding Crypto Services Across EU

Coinbase has provided regulatory approval for action throughout the European Union within the Krypto Assets market, the company announced on Friday.

The license, awarded by the financial authorities of Luxembourg, allows Coinbase to provide cryptocurrency services in all 27 EU Member States.

His announcement confirms the weekly speculations that Coinbase, along with the rival exchange of the twin, was preparing to register under the registration Clear.

Coin said Luxembourg has been chosen because of its “whole” approach to Blockchain and four laws associated with the blockchains that have been passed in recent years.

“Over the last few years, Coinbase has worked closely with regulators across Europe, providing licenses in Germany, France, Ireland, Italy, the Netherlands and Spain,” the company said.

“Now, with Mica, we unite these efforts within one frame, allowing millions of Europeans to approach the regulated, reliable and safe crypto services.”

Mica, which entered into force in June 2023, creates a standardized licensing regime for the providers of the CRIPTO asset services within the EU. License in one country allows a company to “passport” in the block.

Although Member States retain limited powers to block surgery if there is a legal basis for this, the country generally cannot prevent the license to offer services within its borders.

This setting has caused criticism from some parts of the industry and among regulators, who say it creates incentives for companies to register in jurisdictions with fewer regulatory resources.

Coinbase License in Luxembourg and a constant attempt by Gemini to register in Malta followed a series of approval in these countries for companies, including OKX, Bitstamp and Crypto.com.

Accordingly, Malta did not prevent Malta in April $ 1.2 million in April for past AML compliance failures.

However, the scope of business in the countries where companies are installed is often tiny compared to their influence on the whole EU.

Critics, such as Peter Curk, Executive Director of the British Portfarm Management Portfolio Iconomi, have previously warned that it could lead to “racing to DNA” in implementation standards.

He said Decipher Earlier this month to approve the states with lower -based capacities with companies “[dilute] Consumer protection and the confidence of cross -space. “

“The debate is not only a license, but about the collective reputation of the EU digital finances,” he added.

The European Body for Securities and Markets currently inspects Malta licensing process and plans to create a report on its findings.

Edited Sebastian Sinclair