Coinbase Secures Coveted MiCA License In Luxembourg, COIN Stock Rallies
Highlights
- Coinbase secured a MiCA license from the CSSF in Luxembourg.
- The crypto exchange can now provide its services to all the 27 European Union member states.
- The COIN stock has broken above $300 amid this announcement.
Coinbase has achieved a significant milestone by securing the Markets in Crypto-Assets (MiCA) license, allowing it to operate across the European Union. This development has positively impacted the company’s stock, with COIN shares surging over 4% to trade above $300.
Coinbase Obtains MiCA License To Operate In EU
In a blog post, the crypto exchange announced that it has secured its MiCA license from the Luxembourg Commission de Surveillance du Secteur Financier (CSSF). This enables the company to offer its crypto services to 450 million users across all 27 EU member states.
This comes just days after an initial report that Coinbase was set to get the EU green light. The top crypto exchange stated that this milestone marks a significant step and enables it to operate under a “unified, regulated crypto environment in one of the largest economic regions in the world.”
With this move, Luxembourg will become the exchange’s European crypto hub, replacing Ireland. The company noted that Luxembourg has always been a key player in Europe’s financial ecosystem. The country is currently developing a regulatory framework for the industry and has already passed four blockchain-related policies through its national legislature.
Coinbase’s Chief Legal Officer, Paul Grewal, also commented on this move. In an X post, he said,
The math in Europe is simple. Regulation = clarity = opportunity. We are grateful to work with forward-thinking regulators like the CSSF.
The crypto exchange had secured licenses in Germany, France, Ireland, Italy, the Netherlands, and Spain over the past few years. Now, with the MiCA license, the firm declared that it is uniting these regulatory efforts under a single framework, enabling millions of Europeans to access “regulated, trusted, and secure crypto services.”
Meanwhile, the COIN stock price has rallied amid this announcement, breaking above $300. Yahoo Finance data shows that the Coinbase stock is currently trading at around $308, up over 4% in today’s trading session.
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