On 20 June, Coinbase received a Markets in Crypto-Assets (MiCA) license from Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), allowing it to operate throughout the European Union.
The approval intensifies competition in the European cryptocurrency market, where rivals such as OKX, Crypto.com, and Bybit have already obtained MiCA licenses. According to Reuters, Gemini is also close to obtaining one.
Coinbase has chosen Luxembourg as its EU headquarters, praising the country's progressive stance on crypto regulation since 2019.
The platform has highlighted Luxembourg's four blockchain-related laws and its "comprehensive" approach to digital assets.