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."