With the introduction of new MiCA regulations in Europe, major crypto companies are keen to secure licenses for operation across the European Union. However, regulators are raising concerns about the pace of this process.
Malta's Fast License Approvals
According to Reuters, the crypto platform Gemini, founded by billionaire twins Tyler and Cameron Winklevoss, is about to receive a license in Malta, enabling them to operate across all 27 EU member states. This comes shortly after Malta also approved licenses for OKX and Crypto.com as MiCA came into effect.
Coinbase Seeks Luxembourg License
Elsewhere, Luxembourg is expected to soon approve a license for Coinbase, the first U.S. crypto firm in the S&P 500. Coinbase has 200 staff in Europe and plans to hire 20 more in Luxembourg by the year's end.
EU Disagreements on MiCA Enforcement
Central to the discussion is the regulatory oversight of the multi-trillion dollar crypto market. MiCA is designed to establish uniform regulatory standards for cryptocurrencies, yet differing implementations across EU countries could undermine its overall impact. Ongoing discussions about empowering ESMA indicate some nations are hesitant to enhance its authority.
How these early licenses are managed will play a critical role in shaping the balance between crypto market growth and investor protection within the EU.
