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Coinbase secures EU crypto license, swaps Ireland for Luxembourg

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Coinbase has secured a license from Luxembourg to offer crypto services across the European Union and will make the country its central hub in the region.

The U.S. crypto exchange’s main European base has been in Ireland since 2023.

Coinbase said Friday that it obtained its Markets in Crypto Assets (MiCA) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).

MiCA is a sweeping regulation that aims to create a harmonized legal framework for crypto across all 27 EU member states. The rules, which came fully into force late last year, also aim to reduce risks for consumers buying crypto assets following a series of scandals in the sector.

It makes Coinbase the first U.S. crypto exchange to receive a MiCA license. Rival firm Gemini, which is owned by the Winklevoss twins, is expected to receive its own EU license from Malta soon. Gemini chose Malta as its MiCA hub in January.

“Coinbase is all in on Europe, and we’re advocating for crypto’s future across the continent,” Coinbase CEO Brian Armstrong told CNBC. “MiCA has set the standard, and Luxembourg is leading the way with its pro-business climate and thoughtful approach to regulation.”

Previously, Coinbase decided on Ireland as its central EU hub in 2023 and launched a big public relations blitz around the move at the time. However, the company ultimately backtracked on this decision, concluding Luxembourg would make more sense for its status as a “forward-thinking financial hub.”

“The decision was made less-so due to Ireland, but rather for the reasons that Luxembourg presented a highly compelling option,” Daniel Seifert, vice president and regional managing director of EMEA at Coinbase, told CNBC.

Luxembourg has four blockchain-related policies that have been signed into law, whereas Ireland currently lacks any crypto-specific laws.

He added that Coinbase is still investing heavily in Ireland with “imminent” plans to add around 50 jobs to its local Dublin office. Seifert has also personally relocated to the country from Germany as CEO of Coinbase’s Irish entity.

Globally, Coinbase isn’t the first to receive crypto authorization across the EU — but it is one of the largest. Rival exchanges Bybit, OKX and BitGo have all secured their own respective MiCA licenses.

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