Gemini and Coinbase are actively preparing to obtain licenses under the Markets in Crypto-Assets (MiCA) regulation, allowing them to expand their operations within the European Union.
Movement Towards MiCA Licenses
Gemini and Coinbase are working to secure licenses that will enable them to operate across all 27 EU nations. Gemini is applying in Malta, while Coinbase is focusing on Luxembourg. This marks a significant step towards unified cryptocurrency regulation in Europe.
Strategic Plans of Gemini and Coinbase
The anticipated licenses will facilitate expanded trading and custody opportunities for cryptocurrencies under MiCA. Co-founded by the Winklevoss twins, Gemini and led by Brian Armstrong, Coinbase aim to streamline their operations by bypassing individual national licenses, enabling easier entry into new markets.
Prospects and Challenges of New Regulation
There are expectations that MiCA could increase trading volumes and institutional interest in cryptocurrencies. Particular attention is given to the speed of licensing, which may raise questions about compliance with standards. The European Commission and ESMA are closely monitoring the licensing process.
Obtaining licenses under MiCA has the potential to significantly enhance the trading environment for cryptocurrencies in Europe, but it is crucial to ensure a balance between growth and stringent regulatory norms.
