Cryptocurrency exchanges Gemini and Coinbase are set to obtain operating licenses in Malta and Luxembourg, respectively, in preparation for the European Union's new Markets in Crypto-Assets (MiCA) regulation, as reported by Reuters on the 13th (local time). Once the licenses are officially approved, both exchanges will be able to provide services across all 27 EU member states.
MiCA is scheduled to be fully implemented in 2025, allowing crypto companies to operate across the EU through a 'passporting' method with just a permit from a specific member state. Gemini and Coinbase are expected to accelerate their expansion into the European market as a result.
However, as Malta quickly approved licenses for OKX and Crypto.com, doubts have been raised among other member states regarding the supervisory capabilities of Malta's financial authorities. The European Securities and Markets Authority (ESMA) is currently conducting a thorough review of Malta's licensing procedures and is expected to release a related report soon.
ESMA's review is seen as the first test of how to maintain regulatory balance among member states under the MiCA framework. Meanwhile, the industry anticipates that regulatory-friendly countries like Malta and Luxembourg will strengthen their role as gateways for major cryptocurrency companies in Europe.
As major global exchanges accelerate their European expansion strategies ahead of MiCA implementation, debates about the fairness and enforcement of national regulations are also heating up.
