Coinbase has received regulatory approval to operate throughout the European Union under the Markets in Crypto Assets (MiCA) framework, as announced on Friday. This license, issued by Luxembourg's financial authorities, enables Coinbase to offer crypto services in all 27 EU member states. The announcement follows speculation about Coinbase and rival Gemini preparing to register under MiCA. Coinbase selected Luxembourg for its comprehensive approach to blockchain and recent blockchain legislation. The company has previously secured licenses in several EU countries, including Germany, France, and Spain. MiCA, effective since June 2023, establishes a unified licensing system for crypto asset service providers, allowing firms to operate across the EU with a single license. While member states can restrict operations under certain conditions, they generally cannot prevent licensed firms from providing services. Critics argue this could lead to a 'race to the bottom' in regulatory standards, potentially undermining consumer protection. The European Securities and Markets Authority is currently evaluating Malta's licensing process. Read more AI-generated news on: https://app.chaingpt.org/news