Two major cryptocurrency exchanges, Gemini and Coinbase, are on the verge of obtaining licenses under the new MiCA rules that will allow them to operate across all European Union countries.
Overview of New MiCA Rules
MiCA regulations, which took effect this year, represent the EU's step toward unified regulation of crypto assets. These rules empower national regulators to issue licenses, allowing companies to operate across the entire bloc.
Regulatory Issues in Europe
However, behind closed doors, some regulators are raising concerns about uneven standards and differing speeds in license issuance across jurisdictions. Malta has become a focal point for these discussions as it has already approved licenses for Crypto.com and OKX shortly after MiCA went live, raising questions about whether some countries prioritize speed over thoroughness.
Licensing Prospects for Crypto Exchanges
For both exchanges, obtaining a MiCA license is not just a formality; it's a strategic move. Once approved, they will legally be able to offer trading, custody, and token services throughout the EU. Yet, fast-tracking approvals in one country while others take time potentially risks creating loopholes and regulatory shopping within MiCA.
In the upcoming months, it will become clear whether MiCA's promise of unified, transparent regulation holds firm or if ambitious goals are compromised by uneven execution.
