Two major players in the global crypto market, Coinbase and Gemini, are preparing to secure full licensing under the European Union’s newly implemented Markets in Crypto-Assets (MiCA) regulations. This approval would grant them legal access to operate across all 27 EU countries—marking a major shift in crypto oversight across the region.

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MiCA Framework Sets the Stage

The EU's MiCA framework, introduced to create a single regulatory standard for digital assets, is already reshaping the crypto landscape. These new laws require crypto firms to meet strict standards for transparency, risk management, and consumer protection.

Under this system, firms granted approval by a single EU country can then offer their services bloc-wide—a strategy known as "passporting."

Gemini Moving Ahead in Malta

Gemini, the U.S.-based exchange co-founded by Cameron and Tyler Winklevoss, is set to receive its license from Malta, a nation that's become a hub for digital asset firms in Europe. Malta has already approved similar licenses for crypto exchanges like Crypto.com and OKX, and regulators there are moving quickly to establish themselves as a first-mover in the MiCA era.

This decision places Malta in the spotlight and has drawn some scrutiny from larger EU economies that are calling for more uniform regulatory enforcement across the region.

Coinbase to Operate Through Luxembourg

Meanwhile, Coinbase is reportedly finalizing its licensing process through Luxembourg, where it maintains a European base. The move would allow Coinbase to expand its services to all EU nations under MiCA’s passporting model. However, this has reignited debates in countries like Ireland, where central bank officials have previously criticized the crypto industry for its volatility and perceived lack of controls.

Pushback from Regulators Raises Questions

Although MiCA is designed to unify Europe’s crypto rules, not all regulators are aligned on how aggressively approvals should be handed out. Some financial authorities are worried that fast-tracked approvals in smaller countries could undermine the regulatory standards MiCA is meant to enforce.

The European Securities and Markets Authority (ESMA) has reportedly begun monitoring how member states are applying the new rules. Its role will be crucial in ensuring consistent practices and preventing regulatory loopholes that could be exploited by crypto firms operating across borders.

What This Means for Crypto in the EU

The expected licensing of Coinbase and Gemini sends a strong signal that major crypto firms are taking EU regulation seriously—and planning to integrate deeply into European markets. It also shows how the MiCA law is shaping up as a competitive regulatory battleground, where smaller nations like Malta and Luxembourg may gain influence by attracting crypto innovation.

If successful, this development could significantly boost institutional confidence in the European crypto sector—especially for firms aiming to scale under a compliant framework.

Disclaimer

This article is based on publicly accessible sources and is intended for informational purposes only. Procapitas does not provide investment advice. Readers should consult financial professionals before making investment decisions.

Source

Reuters Article: Exclusive: Crypto giants set for EU green light amid growing regulatory rift, sources say