Top crypto exchange Coinbase has obtained a regulatory license to offer crypto services in Europe. On Friday, the exchange received a Markets in Crypto Assets (MiCA) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). Coinbase has also picked Luxembourg for its central EU hub, changing its mind from Ireland.

“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.” The decision also makes Coinbase the first U.S. crypto exchange to receive a MiCA license. Gemini, a rival crypto exchange, is expecting its own MiCCA license approval soon from Malta.

A Coinbase representative today commented on the decision to make Luxembourg its “forward-thinking financial hub,” instead of Ireland. “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 already has four blockchain-related policies that have been signed into law. On the other hand, Ireland currently lacks any crypto-specific laws, making it a less viable option.

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Coinbase isn’t the first to receive crypto authorization across the EU. Rival exchanges Bybit, OKX, and BitGo have all secured their own respective MiCA licenses. However, Coinbase is arguably the largest and most popular option amongst its competitors in the crypto exchange sector.