Coinbase has just acquired the coveted Mica license in Luxembourg and the exchange has been fully operated throughout the European Union. We also have field offices open across the country to further coordinate our expansion plans.
The company’s shares rose more than 4% after the announcement. Coinbase calls this a “vital moment.”
Coinbase gets a MICA license
The Crypto Assets (MICA) market is a groundbreaking part of the EU’s crypto regulations, causing major changes to local industries.
Major crypto companies have already left the market block, bringing set-ups and opportunities. Today, Coinbase announced it has acquired a Mica license and has released it to “provide a complete suite of products and services.”
In a press release, the world’s second largest exchange explained how the license is monumental. With MICA registration, Coinbase has access to 450 million customers. This is not possible for Binance, the biggest competitor.
Already, since the announcement, the exchange’s stock price has risen by more than 4%.
By operating a new regional office in Luxembourg, the exchange represents a long-term commitment to the development of relations in the region.
Other CEXs have been doing similar things in the past, creating local physical infrastructure for better interfaces with regulators.
If appropriate: I’m trying To meet MICA compliance for several months. Some EU countries have built their reputation for quick and easy license approvals, but Luxembourg is not one of them.
Coinbase has established its operations in a country bordering the EU’s largest financial and powerhouse, preparing for actual integration with the market.
“By choosing Luxembourg, we are in a jurisdiction that understands the needs of the crypto industry and excels in clarity in regulations. This new hub represents a landmark step. Coinbase is working closely with European regulators.
Over the past few months, Coinbase has grown more and more outside of the US crypto market. Earlier this year, I achieved my regulatory license in Argentina.
However, with MICA, Europe will likely be Coinbase’s biggest expansion outside of the US market.
Overall, this exchange has an important opportunity to dominate the CEX market across the continent. With a clear vision and clever manipulation, Coinbase was able to bring considerable victory.
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