Latest news with #MiCA
Arabian Post
2 hours ago
- Business
- Arabian Post
Coinbase Chooses Luxembourg as EU Licensing Hub
Coinbase has received authorisation under the EU's Markets in Crypto‑Assets regulation through Luxembourg, designating the country as its primary European hub and shifting focus away from Ireland. The approval — the first of its kind for a major U.S. exchange — grants Coinbase a passport to operate across all 27 EU member states. Luxembourg's growing financial stature and regulatory strength made it a logical choice, according to Coinbase, which already employs around 200 staff across Europe. The exchange plans to expand its Luxembourg team by at least 20 personnel by year-end. Luxembourg's regulator declined to comment, but insiders say the jurisdiction sets a 'high‑bar' for entry — a stance that counters concerns from other nations about lax standards in smaller markets. This move underscores a broader shift in the EU crypto ecosystem. Gemini, founded by Tyler and Cameron Winklevoss, is expected to be granted its MiCA licence by Malta, following earlier approvals of OKX and These licensing decisions highlight the increasing competition among EU member states to attract digital‑asset firms. ADVERTISEMENT Meanwhile, Ireland — previously heralded as Coinbase's launchpad with an e‑money licence and Virtual Asset Service Provider registration — has lost momentum. Its central bank governor previously warned that crypto often operates like a Ponzi scheme, reflecting a cooler official attitude toward the industry. MiCA's passport system allows a single licence to provide regulatory cover throughout the bloc, but some EU financial watchdogs are raising concerns. They argue that rapid approvals in smaller jurisdictions like Malta or Luxembourg could lead to uneven regulatory enforcement, undermining the very protections the framework aims to provide. The European Securities and Markets Authority is reportedly monitoring these developments amid internal discussions about its oversight role. Luxembourg's emerging appeal as a crypto gateway appears rooted in its established reputation as a financial centre with robust supervision. In contrast, Ireland's more sceptical posture may have made it less attractive for firms seeking clearly defined regulatory environments under the new rules. Market analysts say these MiCA approvals could significantly increase institutional confidence in European digital‑asset markets, offering a model for compliance and consumer protection. However, they warn that inconsistent national implementation could result in 'regulatory arbitrage,' where firms exploit jurisdictional loopholes. The global crypto market, valued at around US $3.3 trillion, is still navigating the fallout from major collapses like FTX in 2022. MiCA marks a pivotal shift toward formal oversight in the EU, aiming to safeguard investors while fostering innovation. The licensing of high‑profile U.S. exchanges such as Coinbase and Gemini represents a critical test of whether this new continental regime can deliver both growth and stability.
CNBC
2 hours ago
- Business
- CNBC
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.
Coin Geek
2 days ago
- Business
- Coin Geek
Concerns arise as Coinbase, Gemini set for EU licenses
Getting your Trinity Audio player ready... Coinbase (NASDAQ: COIN) and Gemini, two of the largest digital asset exchanges in the world, look set to be granted licenses to operate as Crypto Asset Service providers (CASPs) in the European Union, under the bloc's Markets in Crypto-Assets (MiCA) regulation, according to a report by Reuters. The June 16 report stated that Gemini, founded by Tyler and Cameron Winklevoss, is on the verge of receiving a license to operate from Malta, while Coinbase, the third-largest digital asset exchange by trading volume, is rumored to be in line for a license from Luxembourg. Despite the MiCA rules being uniform for every country across the EU, with the European Securities and Markets Authority (ESMA) setting guidelines and best practices for member state regulators to follow, the actual enforcement of the regulations is left to the 'relevant national competent authority' (NCA) of each nation. According to the Reuters report—which cited 'sources familiar with the matter' who wanted to remain anonymous—concerns have been raised in 'closed-door meetings' about the speed with which some licenses are being granted by certain regulators and the rigor with which they will enforce the MiCA rules. MiCA license The full MiCA provisions for CASPs came into force at the beginning of January. This included a mandate that CASPs must obtain a license from an NCA (i.e. a national regulator), in order to offer digital asset services within the EU and European Economic Area (EEA). Thanks to the 'passporting' feature of the regulation, a license issued by any member state's regulator allows the licensee (the CASP) to operate throughout the EEA, which includes every country in the 27-nation bloc, in addition to Iceland, Liechtenstein, and Norway. On January 27—a few short weeks after MiCA's CASPs provisions came into force—OKX and both announced themselves as being the first global exchange to secure a MiCA license. It's unclear which one actually was first, as they both claimed the title on the same day . Both exchanges also chose Malta to be their route to a license, but neither mentioned in their respective announcements why they chose Malta. In May, exchanges Bybit and Bitstamp, also obtained licenses; the former from Austria, and the latter became the first exchange to be granted a license by Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). Now, it appears Gemini and Coinbase are poised to join the club, with Malta and Luxembourg once again the countries of choice. Concerns of uneven enforcement The pace of these approvals, particularly those of Malta's regulator, the Malta Financial Services Authority (MFSA), has apparently raised eyebrows amongst other national authorities. According to the report, a 'senior regulatory official'—who also didn't want to be identified—told Reuters they had concerns about accepting licenses granted in countries where regulators had fewer staff, citing Malta—the country that has given out the most MiCA licenses thus far—as one example. If staff size and regulatory resources are of concern, then it makes sense that Malta and Luxembourg, the two smallest nations in the EU by both population size and land area, may be on the thinner end of the spectrum. These reported concerns also come at a time when the EU's top finance sector regulator, ESMA, is pushing for more power to become a Europe-wide version of the U.S. Securities and Exchange Commission (SEC). In September of last year, Mario Draghi, former European Central Bank (ECB) president, produced a report for the European Commission with his recommendations for the future of European competitiveness. In it, he proposed, as one of his key pillars, the creation of a U.S.-style 'European Security Exchange Commission,' with ESMA the logical body best suited to take on the role. 'ESMA should transition from a body that coordinates national regulators into the single common regulator for all EU security markets,' said Draghi. This idea has met with some support from leading national regulators within the bloc. In March, Marie-Anne Barbat-Layani, chair of the top French finance watchdog, told Bloomberg that it was 'ready to relinquish' some of its national powers and transfer them to ESMA. ESMA is yet to comment on the speed and rigor of the Malta and Luxembourg approvals, including the potential licenses for Gemini and Coinbase, but it has made clear that it will be monitoring how national regulators enforce the MiCA framework as part of its mandate to promote consistent supervision and enforcement practices for EU markets. Watch: Teranode is the digital backbone of Bitcoin title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Edinburgh Reporter
2 days ago
- Business
- Edinburgh Reporter
Crypto Adoption by Country: Global Adoption Statistics
Crypto is no longer a niche trend. In many countries, digital assets are now part of everyday financial life, used for saving, sending money, and trading on mobile-first platforms. The pace of adoption depends on the region, but the growth is visible. Some countries turn to crypto to protect their money from inflation. Others use it because banking is out of reach. In places where sending money home matters, fast and low-cost crypto transfers make a difference. For many users, crypto is not just an investment. It's a daily tool. A recent survey conducted by cryptocasinos online highlights how adoption patterns vary across regions, driven by practical needs rather than hype. Time to take a closer look at where crypto is gaining traction and why it matters. Where Crypto Is Growing the Fastest Crypto adoption isn't spread evenly. Some regions are moving faster than others, often because of need. In parts of Asia, Africa, and Latin America, digital assets fill a gap left by slow or limited financial systems. In wealthier regions, adoption often grows through investment and innovation. Countries seeing the sharpest rise in adoption include: Vietnam: High interest in remittances and mobile-first finance. Nigeria: A strong youth population using crypto for payments and inflation hedging. Philippines: Crypto is tied to overseas remittances and gaming-related earnings. Ukraine: Fast adoption driven by political and economic pressures. India: Growing use despite regulatory uncertainty, with rising developer activity. In these countries, crypto adoption goes beyond buying Bitcoin. People are using stablecoins, local exchanges, and even DeFi tools to meet everyday needs. That kind of use gives us better insight than just looking at prices or market caps. It shows how crypto has become part of daily life. Regional Trends in Crypto Adoption Crypto isn't spreading evenly. Some regions are moving fast, while others lag behind due to regulation, infrastructure, or trust issues. Let's break down the adoption story across different parts of the world. Asia: Fast Growth, Mixed Regulation Asia shows rapid adoption, especially in Southeast Asia and South Korea. But regulation varies. Vietnam and the Philippines lead in usage for remittances and mobile payments. Japan focuses more on tightly regulated exchanges. India has a large user base despite inconsistent policy messaging. South Korea remains active due to strong mobile infrastructure and tech-savvy users. A mix of utility and speculation drives activity across the region, but regulation often lags. Europe: Regulated and Gradual European countries show slower but steady growth. Here's how some of them compare: Country Adoption Level Key Use Case Germany Moderate Crypto investment/savings France Moderate Trading and innovation Ukraine High Payments/remittances UK Growing Institutional interest The EU's MiCA framework has helped by setting clearer rules across member states. Latin America: Driven by Necessity In many Latin American countries, crypto isn't a curiosity. It's a workaround. Governments struggling with inflation have seen citizens turn to stablecoins for protection. Platforms like Binance and Mercado Bitcoin have gained users quickly. Argentina and Venezuela stand out as cases where crypto is an everyday financial tool, not just an asset class. Adoption is often mobile-first and deeply tied to survival strategies. Africa: Leapfrogging with Mobile Crypto Africa's adoption story is about skipping traditional infrastructure. Here's what's helping: Widespread mobile money use lowers the barrier to entry. Nigeria, Kenya, and South Africa lead in wallet downloads and P2P transfers. Many users prefer stablecoins over local currencies. Platforms that require minimal ID or banking links are especially popular. Crypto fills the gap where traditional finance hasn't kept up. Why Crypto Is Growing Faster in Latin America and Asia In regions like Latin America and Southeast Asia, crypto is not just growing. It's becoming a tool for everyday needs. These parts of the world are seeing faster adoption because of local pressure points: unstable currencies, limited banking access, and strong mobile ecosystems. Instead of viewing crypto as an investment, people in these areas often treat it as financial infrastructure. Let's break down how and why this growth is taking shape. Asia's Expanding User Base Across Southeast Asia and South Asia, crypto fits into daily life. Many platforms are mobile-first, allowing users to access digital wallets and exchanges without needing traditional banking services. Some of the standout trends include: Vietnam leads globally, with ownership above 21 percent. India and the Philippines use crypto as an alternative to traditional finance. Pakistan sees high peer-to-peer activity despite regulatory limits. Top 10 Countries by Crypto Ownership Ownership rates reflect where crypto is already entrenched. Here's a snapshot of where adoption is strongest: Country Ownership Rate Vietnam 21.19% United States 15.56% Iran 13.46% Philippines 13.43% Brazil 11.99% Ukraine 10.95% India 9.84% Russia 8.88% Pakistan 6.74% Nigeria 5.93% Latin America's Practical Use Cases Latin American users turn to crypto for real-world reasons. Economic instability, inflation, and poor access to banks drive people toward stablecoins and easy-to-use platforms. Examples of this trend: In Brazil, digital payments and crypto incentives blend easily. In Argentina, stablecoins are widely used to guard against inflation. In Venezuela, crypto plays a role in everyday purchases and remittances. What Drives Crypto Adoption in Different Regions Crypto adoption doesn't grow the same way everywhere. In some places, it offers a safer option during economic uncertainty. In others, it fills gaps where banks or payment services are limited. What works in one region might look completely different in another. For example, inflation in Argentina or Turkey has led many to use stablecoins as a store of value. In countries like Nigeria or the Philippines, crypto helps with remittances and mobile banking. Each region has its own reason, but the outcome is similar. More people are turning to digital assets for practical use. How Policy Shapes Adoption Crypto adoption doesn't just grow because of user demand. Government policy often plays a major role in deciding where adoption thrives and where it stalls. Some countries encourage innovation through clear regulations or even integrate digital assets into national systems. Others restrict access, creating uncertainty that slows usage. In places like El Salvador, national-level endorsement boosted both usage and visibility. Meanwhile, strict restrictions in countries like China forced crypto communities to go underground or migrate. When policies support access, local ecosystems tend to grow. When they create fear or confusion, users pull back. As global regulation continues to evolve, national stances will shape not just where crypto is used, but how it grows across borders. Conclusion Crypto adoption is no longer limited to tech-savvy users or niche markets. It has started to reach everyday people in places where traditional finance falls short. From inflation-hit economies to regions with strong mobile access, users are finding real reasons to turn to crypto. This growth is shaped by local needs, not just global trends. Some want faster payments. Others want protection against unstable currencies. And as governments and platforms expand access, adoption will likely deepen. What we're seeing now is just the start of how crypto will fit into the way people manage, move, and store value. Like this: Like Related
Crypto Insight
3 days ago
- Business
- Crypto Insight
Gemini, Coinbase expected to secure EU licenses under MiCA — Report
Crypto exchanges Gemini and Coinbase are reportedly set to secure licenses to operate in the European Union, marking a significant step in their expansion under the newly implemented Markets in Crypto-Assets (MiCA) regulations. Gemini is on track to receive approval from Malta, while Coinbase is expected to obtain its license through Luxembourg, Reuters reported Monday, citing unnamed sources familiar with the matter. A Coinbase spokesperson declined to comment on the specific application but told Reuters that Luxembourg is a 'well-respected global financial center.' Gemini and Coinbase would join other major exchanges moving into the EU under the MiCA framework. As previously reported by Cointelegraph, Bybit recently gained regulatory approval to operate in the region via Austria. In January, Binance updated its deposit and withdrawal procedures in Poland to comply with the MiCA framework. Regulations under the MiCA framework took effect in June 2024, with full implementation following in December after the European Securities and Markets Authority (ESMA) issued final guidance for EU member states. MiCA is designed to create regulatory consistency across the region while strengthening investor protection and promoting financial stability. MiCA sparks stablecoin debate While MiCA has been welcomed by some industry observers for bringing greater clarity to the rapidly evolving crypto asset space, not all feedback has been positive. As Chainalysis noted, the rules still leave 'some room for interpretation and uncertainty,' particularly regarding stablecoins. One contentious provision requires stablecoin issuers to hold a 'significant' portion of their reserves in European banks — a key reason why USDt issuer Tether has declined to pursue registration under MiCA. Nevertheless, at least 10 other stablecoins have been approved under the framework, including those issued by Circle, Fiat Republic, Société Générale and others. Early signs suggest that stablecoin adoption under MiCA has been lukewarm, however. In Italy — one of the EU's largest markets — MiCA has not led to significant stablecoin adoption, according to Fabio Panetta, former European Central Bank official and current Governor of the Bank of Italy. Instead, he noted, interest has increasingly shifted toward 'custodial and trading services.' Source:
