Coinbase and Gemini are set to secure licenses from regulatory bodies in Luxembourg and Malta, expanding their capabilities in the European market.
Licenses in the EU: Changes for Coinbase and Gemini
On June 16, it was reported that Coinbase and Gemini are preparing to obtain licenses to operate in EU countries from Luxembourg and Malta respectively. These licenses will enable them to conduct legal operations in 27 states following MiCA regulations.
Ensuring Regulatory Consistency
French regulators from AMF and ESMA raised concerns about the speed of licensing in Malta, warning of a potential 'race to the bottom' in regulation. However, a Coinbase representative praised Luxembourg's high standards.
Prospects for the European Market
Given the rapidly growing cryptocurrency market in Europe, Coincu's research team highlights the importance of regulatory consistency. While concerns over fragmented regulation persist, opportunities for market integration remain.
The acquisition of licenses in Luxembourg and Malta opens up new opportunities for Coinbase and Gemini, but the challenges of regulatory unity require attention.
