Coinbase secures EU crypto license, swaps Ireland for Luxembourg as main hub

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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Hamilton Spectator

3 hours ago

• Hamilton Spectator

Canada-Europe security and defence pact to be signed Monday in Brussels

OTTAWA - A security and defence partnership pact Prime Minister Mark Carney will sign with European leaders in Brussels on Monday will be among the most wide-ranging agreements with a third country Europe has ever reached, a senior EU official said on Friday. Carney is flying to Europe Sunday for a Canada — EU Summit, planned for Monday evening with European Council President António Costa and European Commission President Ursula von der Leyen. At the G7 summit in Alberta on Monday von der Leyen confirmed that the agreement will be signed on Monday in Brussels, calling Canada a 'key partner.' 'This is also a moment where we can strengthen Canada's role in Europe's rapidly evolving defence architecture,' said Von der Leyen on June 16. In a briefing to Canadian and European reporters on Friday, a senior European official said there will be two main outcomes from the summit — a joint statement that expresses views on global issues, such as conflicts in Ukraine and the Middle East, as well as the signing of the 'EU Canada Security and Defence Partnership Agreement.' 'This is an ambitious one,' the official said. 'And actually we've had this with a number of global partners, but the one with Canada would be one of the most far reaching of its kind that the EU has ever signed with a third country. It will open up new avenues for joint work on crisis management, military mobility, maritime security, cyber and cyber threats, and defence industrial co-operation.' Carney has been clear that he intends to expand Canada's ties with Europe as its relationship with the United States strains under the weight of tariffs and threats of annexation. Within two days of being sworn in as prime minister in March Carney flew to Europe, meeting with French President Emmanuel Macron in Paris and British Prime Minister Keir Starmer in London. It was during those meetings that he seriously began talking about signing on to Europe's new defence procurement plan known as ReArm Europe. In the throne speech on May 27, Carney's government pledged to join that program, and he told the CBC in an interview that same day he expected Canada to do that by July 1. On June 9, Carney announced a massive investment in Canada's defence budget to push Canada above the two per cent of GDP NATO target this country has promised — and failed — to meet for more than a decade. Joining ReArm Europe is part of that plan, with Carney repeatedly saying Canada can no longer put all its defence spending into the U.S. 'We are in close discussions with our European partners to join ReArm Europe,' he said on June 9. 'That will be an element of diversification. That's just smart. It's better to be diversified. It's better to have options. It's better to have different supply chains and broader partners.' The agenda for the summit posted by the European Council says the security and defence procurement agreement will allow Canada to join a European loan program for joint defence projects. That 150-billion euro program — called Security Action for Europe, or SAFE — is part of the ReArm Europe initiative. The EU official said on Friday that once the procurement agreement is in place, Canada will have to negotiate a bilateral agreement with the European Commission to begin discussions with member states about procurement opportunities. Leaders at the EU-Canada summit are also expected to discuss global trade and the wars raging in Ukraine and the Middle East. They will also commit to fully ratifying the Comprehensive Economic and Trade Agreement, the Canada-Europe free trade agreement known as CETA. Fen Hampson, a professor of international affairs at Carleton University, said Carney also should put the 'pedal to the metal' on ratifying CETA. The deal entered into force provisionally in 2017, but several EU member states still need to ratify CETA at the national level. 'The real challenge there is to get Canadian businesses and also European businesses to take it up … and to start doing more business across the Atlantic, but that also requires political leadership,' Hampson said. 'It hasn't been fully ratified but that's something (Carney) can perhaps impress upon the Europeans.' After Brussels, Carney will travel to The Hague for the NATO leaders' summit, where discussions are expected to push forward on increasing the NATO members' defence spending target as high as five per cent of GDP, from the current two per cent. — With files from Kyle Duggan, Dylan Robertson and The Associated Press This report by The Canadian Press was first published June 20, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .

Miami Herald

3 hours ago

• Miami Herald

Young workers face stark Social Security reality

If Congress doesn't act, Social Security benefits will face a 23% across-the-board cut in 2033, according to the 2025 Social Security Trustees' Report. That's because the Social Security trust fund is projected to be depleted by that year. In other words, less money will be coming in than going out to pay 100% of total scheduled benefits owed to current and future beneficiaries. If the past is prelude, Congress will act at the last minute to make changes – but likely changes won't affect those in their 40s or older or those with income below certain thresholds. Don't miss the move: Subscribe to TheStreet's free daily newsletter That's sort of what happened in the 1980s. In 1983, Congress enacted reforms that were designed to address Social Security's short-term crisis and provide solvency for the next 75 years. They achieved this primarily through a combination of increased revenue (higher taxes, taxation of benefits, expanded coverage) and modest benefit reductions (delayed COLA, higher retirement age). So, let's say some brave souls rise to address Social Security's deficit between now and 2032, and let's say Congress, instead of doing what it did in the 1980s, just cuts benefits that will affect those in their 20s or younger, as well as those not yet born. Well, as an experiment, I made the assumptions below and then asked Google's AI (Gemini) to run the numbers. Assumptions and key data points Starting Year: 2025Current Age: 25Starting Earnings: $100,000Retirement Age: 70Life Expectancy: 95Historic Average Wage Index (AWI) Growth: Approximately 4.5% (based on historical data, though this can fluctuate significantly).Historic Average Cost-of living-adjustment (COLA): Approximately 3.8% (since 1975).Discount Rate for net present value (NPV): We'll use a real discount rate, which accounts for the time value of money beyond inflation. A common assumption for long-term real discount rate is 2.5% to 3%. We'll use 2.5% for this Retirement Age (FRA): For someone born in 2000 (25 in 2025), their FRA is Retirement Credits (DRC): For those born in 1943 or later, DRCs are 8% per year (or 2/3 of 1% per month) for delaying beyond FRA up to age Security Maximum Taxable Earnings (Bend Point for Earnings): For 2025, this is $176,100. This amount also grows with the AWI.2025 PIA Bend Points:90% of the first $1,226 of AIME32% of AIME between $1,226 and $7,39115% of AIME above $7,391 And here's what Gemini calculated. Without a 23% cut in benefits, the estimated monthly benefit for a 25-year-old today would be $25,232.26 in 2070 dollars. And the net present value of that stream of benefits to that 25-year-old in 2070 would be $5,392,977. Related: Social Security faces huge threat sooner than you think If, however, that very same 25-year-old experiences a 23% cut in benefits come 2023, here's how their benefit and the net present value of their benefits would change. Their estimated monthly benefit at age 70, in 2070 dollars, would be $19,428.84, a cut of $5,803.42. The net present value of those benefits would be $4,151,592, a difference of $1,241,385. By way of background, in January, Social Security estimated the average monthly benefit to be $1,976 for all retired workers, $3,089 for a retirement-aged couple with both receiving benefits, $3,761 for a widowed mother and two children, and $1,832 for a retirement-aged widow(er). In April 2025, people in the United States received Social Security benefits, according to the Pew Research Center. This represents more than one-fifth of the U.S. population and includes retired workers, their spouses and children, survivors of deceased workers, disabled workers, and those receiving Supplemental Security Income. Typically, Social Security represents about 14% of total income in retirement for those in the highest income quintile and 64% for those in the lowest income quintile. To be fair, there are multiple levers Congress can pull to address the deficit. As they did in the 1980s, Congress could increase taxes and reduce benefits. More Personal Finance: Social Security student loan garnishment sparks alarmThe most tax-friendly states for your retirement incomeSALT income tax deduction takes critical step forward "If policymakers chose to preserve benefits for older workers and retirees by placing the burden on younger workers through benefit cuts rather than increasing taxes (either by increasing the tax itself or by increasing the level of Social Security earnings subject to the tax), that plan wouldn't work soon enough to fix the problem with the next seven years," said HLS Retirement Consulting President Heather Schreiber. "However, on some level, the changes necessary to bring about meaningful change are likely going to be on younger generations, whether that comes through a combination approach of reducing benefits, as in your example, and some faster revenue raiser like increasing cashflow into the funds to avoid imminent benefit reductions to OASI recipients," Schreiber said. For the sake of argument, let's say Congress pulls only one lever in the future: They just cut benefits for younger and not-yet-born workers. What advice do experts have for that cohort? For his part, Jim Blankenship, a certified financial planner with Blankenship Financial Planning, said the advice for this cohort remains the same, even in light of the potential reduction in future Social Security benefits. "If you're still many years away from retirement, the key is to start saving early in retirement accounts. By doing so, you'll benefit from the power of compounding over time," he said. To maximize your savings, Blankenship said look for ways to reduce discretionary spending now. Related: How the IRS taxes Social Security income in retirement "The goal is to build enough of your own resources so that you're not dependent on Social Security - and therefore not vulnerable if those benefits are reduced from what's currently projected," he said. "If you take these steps and rely primarily on your own savings, any Social Security benefits you receive will simply be a bonus." And Schreiber offered the following thoughts. Start saving earlier and more aggressively. Maximize opportunities to save, especially in tax-efficient accounts like designated Roth accounts, if offered inside their employer's 401(k) or 403(b). Max fund health savings accounts (HSAs) if available in conjunction with participation in a high-deductible health plan; encourage young workers to refrain from spending the funds for current qualified health care expenses and instead earmark the account for post-retirement health care expenses. A 23% cut in lifetime Social Security benefits can't be ignored, but its impact can be mitigated if young people are encouraged to start saving early and should incorporate lower projected benefits into projection models to better prepare for the worst-case scenario. Incorporate other sources of guaranteed income to bridge the gap, such as deferred income annuities or laddering younger workers to not focus exclusively on the accumulation "number" but to also determine how much that wealth will generate in future income, and incorporate the potential impact of taxes into the conversations. Start conversations early about tax efficiencies during retirement to avoid even further reductions to the net income received from Social Security due to unintended federal income taxes and Medicare premium surcharges, or costly health care/LTC with a benefit cut, younger workers should still understand that Social Security is not going" broke" and that, with life expectancy on the rise, particularly for this cohort, the benefit of waiting to claim as late as age 70 will help mitigate the benefit cut, assuming a slightly below-average to average life expectancy. Related: Senate proposes big change to Social Security, SALT income tax deduction The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.

Forbes

6 hours ago

• Forbes

Leadership Falters As Climate Costs Soar And Time To Act Runs Out

CHARLEVOIX, CANADA - JUNE 9: In this photo provided by the German Government Press Office (BPA), ... More German Chancellor Angela Merkel deliberates with US president Donald Trump on the sidelines of the official agenda on the second day of the G7 summit on June 9, 2018 in Charlevoix, Canada. Also pictured are (L-R) Larry Kudlow, director of the US National Economic Council, Theresa May, UK prime minister, Emmanuel Macron, French president, Angela Merkel, Yasutoshi Nishimura, Japanese deputy chief cabinet secretary, Shinzo Abe, Japan prime minister, Kazuyuki Yamazaki, Japanese senior deputy minister for foreign affairs, John Bolton, US national security adviser, and Donald Trump. Canada are hosting the leaders of the UK, Italy, the US, France, Germany and Japan for the two day summit. (Photo by Jesco Denzel /Bundesregierung via Getty Images) London Climate Action Week is set to start, showcasing what urgent, inclusive climate action looks like when cities, financiers, and citizens unite. But the energy and innovation on display in London are being overshadowed by growing inaction from global leaders. Just days after the G7 failed to deliver any meaningful policy progress, and as the EU backpedals on its green regulation agenda, a troubling gap is emerging between local ambition and failures of international leadership. This retreat is happening at the worst possible moment. Climate damage costs are skyrocketing, climate science is sounding red alerts, and economic evidence points to a clear win: green investment can grow economies, create jobs, and protect communities. The world's most powerful leaders are not just missing an opportunity, they are magnifying a crisis. To grasp its scale, we need to look at the growing economic cost of inaction. The Price Of Delay And The Need For Leadership Bloomberg Intelligence has estimated that in the year to May 2025, the U.S. incurred close to $1 trillion (or around 3% of GDP) in direct climate-related costs from floods, wildfires, infrastructure damage, and insurance losses. Globally, heatwaves, droughts, and extreme weather are disrupting supply chains, inflating food prices, and undermining financial stability. Insurers have seen annual catastrophe losses surge tenfold since the 1980s. Premiums have skyrocketed, and coverage has shrunk, especially in wildfire and storm prone regions, exacerbating economic disruption and housing unaffordability. At the same time, the European Union appears to be shelving the Green Claims Directive, retreating under political pressure precisely when markets are demanding clear, consistent regulation to guide sustainable investment. This uncertainty discourages capital and undermines momentum. These setbacks comes as the OECD's 2025 Green Growth report shows that climate action could unlock $7.4 trillion per year in investment and job creation if scaled by 2030. Yet rather than harnessing this opportunity, many leaders are hesitating. Nowhere is this hesitancy more evident than in the recent action, or inaction, of the G7, whose decisions ripple far beyond their border G7 Paralysis And The Global Ripple Effect The G7's latest Chair's Summary reaffirms familiar goals, like limiting warming to 1.5°C but offered no timelines, targets, or tools to achieve it. 'Once again, the G7 chose safe, business-as-usual declarations over the bold, future-proof action we urgently need,' said Daniela Fernandez, CEO of Sustainable Ocean Alliance. 'The G7's latest climate commitments reflect a deeper issue,' added Ibrahim AlHusseini, managing partner of climate investor FullCycle. 'Global leaders are increasingly distracted by immediate geopolitical crises, and climate, still perceived as a medium to long-term risk, has slipped down the agenda. But this is a dangerous miscalculation.' He added: 'Delay is not neutral, it's an accelerant of future instability,' with direct consequences for supply chains, migration, and global financial systems. And it's not just experts calling for change. According to the 2024 People's Climate Vote, 80% of people globally want their countries to strengthen climate commitments, and over two-thirds support a fast transition from fossil fuels. Other surveys echoes this: 89% of people across 125 countries support stronger government action, yet many mistakenly believe they are in the minority. This public mandate for bold climate action stands in sharp contrast to the political hesitancy now on display. As political will may be stalling, another sector is responding. What was once viewed as an environmental issue is now a pressing financial risk. Climate Risk Becomes Financial Risk Inaction is not just costly, it is destabilizing. The financial consequences are already unfolding across insurance markets and beyond. "We have already seen residential and commercial insurance premiums rise and availability drop in recent years, in response to growing insurer losses," warns Tom Sabetelli-Goodyer, vice-president of climate risk at FIS. They are early signs of a broader, systemic threat. As climate impacts intensify, they are cascading through the financial system, affecting asset valuations, credit risk, and the stability of entire markets. Regulators around the world have begun to integrate climate risk into their frameworks, but last week, the Basel Committee on Banking Supervision, the global standard-setter for financial regulation, added its voice with a new framework for the voluntary disclosure of climate-related financial risks. While non-binding, the guidance marks a significant step and reinforces a clear message: climate risk is no longer just environmental, it's financial. As Julia Symon, head of research and advocacy at Finance Watch put it: 'Without clear, consistent data, supervisors are flying blind, unaware of the real risks building up on balance sheets.' The Climate Clock Is Ticking Scientific indicators confirm the urgency and the danger of delay. The 2024 Indicators of Global Climate Change report shows that the average global temperature from 2015 to 2024 reached 1.24°C above pre-industrial levels, with human activity responsible for nearly all of it. In 2024 alone, global temperatures spiked to 1.52°C, temporarily crossing the critical 1.5°C threshold. More troubling still, human-induced warming is accelerating at an unprecedented rate of 0.27°C per decade, the fastest rate ever recorded. At current emissions levels, the remaining carbon budget for staying below 1.5°C could be fully exhausted within just two to five years, depending on assumptions. Scientists also point to a growing Earth energy imbalance and early signs of amplifying climate feedback loops, such as ocean heat uptake and ice melt, which could further lock in extreme changes. The window for keeping global heating within safe limits is narrowing quickly. Yet even as time runs short, the economic case for prompt action continues to strengthen. Green growth offers a rare convergence of climate responsibility and financial return. Green Growth: A Trillion-Dollar Opportunity The OECD Green Growth report emphasizes that investing in clean energy and green infrastructure is not just responsible, its smart economics. Clean energy investment now outpaces fossil fuels, and 90% of global GDP is covered by net-zero targets. The report outlines how aligning financial systems with climate goals could unlock $7.4 trillion annually in investment by 2030. 'Green growth is an approach that seeks to harmonize economic growth with environmental sustainability and helps to deliver broader development benefits,' explains Jennifer Baumwoll, head of climate strategies and policy at UNDP. Far from hindering development, the green transition can generate resilient jobs, improve productivity, and enhance long-term competitiveness. In short, the report argues that climate action is not a cost but a catalyst for growth. Countries like Mongolia and Lao PDR are already demonstrating what this looks like in practice. In Mongolia, a green finance strategy, backed by the Central Bank and a new SDG-aligned taxonomy, has mobilized $120 million in climate-aligned investment, including the country's first green bond. Green lending is targeted to grow from 2% to 10% of all bank lending by 2030. Meanwhile, Lao PDR is advancing a national circular economy roadmap to reduce waste and resource use while unlocking economic opportunity. If fully implemented, it could create 1.6 million jobs and add $16 billion to GDP by 2050. These pragmatic, investment-ready models of climate action deliver real development gains. Their progress underscores a growing global divide: while emerging economies embrace opportunity, many developed nations are falling behind, precisely when their leadership is most needed. A Shrinking Window And Defining Test Of Leadership 2025 marks a critical juncture. Countries are expected to submit new national climate plans (NDCs 3.0) ahead of COP30 in Belém this November. Yet as of late June 2025, four months after the February deadline, only a small fraction had done so. Intended to reflect increased ambition following the Global Stocktake, most submissions remain overdue, and the ambition gap continues to widen. The UN expects a surge of last-minute filings, but tardiness isn't the only concern. Most existing plans fall short of aligning with the 1.5°C target, and the policy frameworks to deliver them at scale are still lacking. The challenge is not technical though but political. Instead of advancing, many major economies are retreating, weakening targets, delaying regulations, and rolling back commitments just as the case for bold action becomes stronger. Evidence shows that a well-managed transition can boost growth, reduce inequality, and build resilience. Yet that potential is being squandered. What's needed now is not just political courage, but real leadership, capable of driving structural reform and aligning finance with planetary boundaries. Decisive action today isn't only about avoiding catastrophe, it's about exercising leadership that can shape a more stable, equitable, and liveable world. The responsibility lies with those in power to act—not later, but now.