Coinbase Becomes First US Company To Secure Mica License In Luxembourg, Ditches Ireland As EU Crypto Hub

Coinbase (COIN) has reportedly secured a license from Luxembourg to offer cryptocurrency services across the European Union (EU) and will relocate its regional headquarters from Ireland.

This comes after speculation that both Coinbase and its peer cryptocurrency exchange Gemini were close to obtaining their licenses earlier this week. Coinbase's stock was up more than 3.5% in morning trade on Friday and was among the top trending stocks on Stocktwits.

According to CNBC's report, Coinbase has successfully obtained a Markets in Crypto Assets (MiCA) license from Luxembourg's Commission de Surveillance du Secteur Financier (CSSF), which allows it to operate across 27 EU member states. 

Coinbase is the first U.S. company to receive a MiCA license. Gemini is reportedly still awaiting approval from Malta, which it selected as its crypto hub in January. Others who have secured their licenses include Bybit, OKX, and BitGo.

“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.”

Coinbase had earlier decided on Ireland as its central hub for the European region two years ago, but eventually backtracked and shifted gears to set up base in Luxembourg, citing that it made more sense as a“forward-thinking financial hub.”

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

“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.

Coinbase's stock has gained more than 20% this week, driven by the GENIUS Act, which proposes guidelines for the use of dollar-pegged stablecoins in the U.S., clearing the Senate. Retail sentiment on Stocktwits shifted to 'extremely bullish' territory this week from 'bearish' last week.

The shares have gained more than 18% this year and 27% in the last 12 months.

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