Crypto exchanges Coinbase and Gemini are close to securing regulatory approvals granting them access to operate across the EU, Reuters reported on June 16, citing people familiar with the matter.
According to the report, the expectation has intensified tensions among national regulators over the speed and oversight of new licensing under the bloc’s landmark crypto framework.
The EU’s Markets in Crypto-Assets (MiCA) regulation, in force since early this year, allows any member state to issue a license that unlocks the entire 27-nation market.
While hailed as a step toward aligning crypto oversight with traditional finance, some regulators privately warn that inconsistent enforcement risks creating regulatory blind spots for an industry valued at roughly $3.3 trillion.
Gemini looks for Malta approval
According to two sources, Gemini is close to receiving approval from Malta, which has already signed off on OKX and Crypto.com licenses within weeks of MiCA’s rollout. The country argues its quicker process stems from years of experience supervising crypto businesses.
A spokesperson for the Malta Financial Services Authority told the newswire that four crypto licenses have been issued to date, adding that stringent money-laundering checks remain in place.
Meanwhile, one source revealed that the European Securities and Markets Authority (ESMA) has examined Malta’s licensing procedures and is preparing an internal report.
ESMA declined to comment on the matter.
France’s financial markets regulator has publicly cautioned that ESMA’s lack of direct licensing power could spark a “race to the bottom,” as countries compete to attract lucrative crypto business.
Coinbase eyes Luxembourg license
Luxembourg is also expected to grant a license to Coinbase, marking the first approval for a US-listed crypto firm under MiCA.
Coinbase, now part of the S&P 500, employs around 200 staff across Europe and plans to expand its Luxembourg office by more than 20 people this year, a company spokesperson said.
Luxembourg’s financial supervisor did not comment on the pending application, but one official familiar with the matter rejected suggestions that the country’s standards were too lenient, arguing some critics are motivated by competition to lure crypto firms elsewhere.
The EU’s internal split over licensing comes as lawmakers debate expanding ESMA’s authority to ensure consistent enforcement of MiCA rules amid the risks posed by the US deregulating the industry.
While Brussels sets regulatory frameworks, national agencies retain licensing power, a system now under pressure in one of the world’s fastest-moving financial sectors.
The outcome of these approvals could shape how Europe balances investor safeguards with ambitions to be a global crypto hub, as memories of past industry scandals, such as FTX’s 2022 collapse, still loom large over regulators’ efforts to keep pace with innovation.
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