Crypto exchange Coinbase has won a European Union Markets in Crypto Assets license (MiCA) from Luxembourg, the company said in a statement on Friday.
The exchange, which is the fifth-largest crypto exchange by volume according to CoinGecko, will now be able to offer services across the 30 nations in the European Economic Area.
It joins other major exchanges which have secured the MiCA license. Bybit, the second largest exchange secured its MiCA license from Austria in May, while, OKX and Crypto.com secured their MiCA licenses from Malta.
Though the EU MiCA license grants companies access to all the nations in the European Union plus Iceland, Liechtenstein and Norway, countries in the bloc have still been vying to attract major crypto companies.
“Luxembourg has always been a key player in Europe’s financial ecosystem, and we’re delighted to share that Coinbase is officially establishing its European crypto hub in this dynamic country, under the Markets in Crypto Assets regulatory framework (MiCA),” Coinbase said in its statement.
Luxembourg has passed four blockchain-related policies through national legislature, Coinbase said.
Update (June 20, 15:18 UTC ): Adds more context to the third, fourth and fifth paragraphs.