By trading volumes, the largest US-based crypto exchange platform is to obtain the appropriate license to operate in Luxembourg to establish a crypto hub in the European Union (EU).
In a new blog post, Coinbase has announced that it has secured the market for Crypto Assets (MICA) licenses from Surveillance Du Secteur Financier (CSSF) and can operate fully in all 27 EU member countries.
“This milestone will enable us to provide a complete suite of cryptographic products and services to 450 million people to all 27 European Union member states.
Luxembourg has always been a key player in the European financial ecosystem and we are pleased to share that Coinbase has officially established a European crypto hub in this dynamic country in the market for the Crypto Assets Regulatory Framework (MICA).
According to Coinbase, Luxembourg was chosen to provide regulatory clarity regarding crypto assets as it passed four bills in the national parliament related to blockchain technology.
“By choosing Luxembourg, we understand the needs of the crypto industry and place ourselves in jurisdiction that is highly regulated.
Luxembourg is actively pursuing a government-wide approach to blockchain and DLT (decentralized ledger technology), passing four blockchain-related policies through the national parliament. This new hub represents a groundbreaking step for Coinbase in Europe, strengthening the broader innovation ecosystem. ”
MICA is a comprehensive regulatory framework officially adopted by the European Parliament in 2023, providing clear guidance on digital assets, stability, crypto wallets and crypto service providers.
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