Key Takeaways
- Gemini is reportedly finalising its licensing process through Malta’s financial regulator
- Coinbase is expected to receive its MiCA license from Luxembourg.
Two leading cryptocurrency exchanges, Gemini and Coinbase, are nearing approval to operate across the European Union under the bloc’s new Markets in Crypto-Assets (MiCA) framework, according to a Reuters report.
Gemini is reportedly finalizing its licensing process through Malta’s financial regulator, while Coinbase is expected to receive its MiCA license via Luxembourg. Under the MiCA regime, which took effect in June 2024, any EU member state can issue a Crypto-Asset Service Provider (CASP) license that allows companies to operate across all 27 EU countries without needing individual approvals in each jurisdiction.
The new rules are aimed at standardizing crypto regulations across the EU, improving investor protection, and promoting financial stability. MiCA requires companies to meet strict disclosure, governance, and compliance standards. For stablecoin issuers, the framework imposes additional conditions, including a requirement to maintain significant reserves with European financial institutions.
This provision has discouraged some firms—such as Tether—from seeking MiCA approval. Under MiCA, crypto transfers that cross above 1,000 euros are mandated to include detailed information about the sender and recipient to ensure transparency.
Coinbase, which has already established a significant presence in several European markets, shifted its regional focus to Luxembourg in 2024 as part of its MiCA strategy. Gemini, which has gradually expanded its global footprint, sees Malta as a gateway into Europe. Both jurisdictions are recognized for their experience with digital asset regulation and are increasingly positioning themselves as crypto hubs within the EU.
The expected approvals have drawn attention from national regulators and the European Securities and Markets Authority (ESMA), which is monitoring how different member states handle MiCA licensing. Some experts have expressed concern that smaller states with fewer supervisory resources could accelerate approvals in a way that compromises enforcement standards. ESMA is currently reviewing Malta’s licensing process and is expected to release its findings in the coming months.
Despite these concerns, several companies have already secured MiCA compliance. Bybit, for example, obtained its crypto asset service provider (CASP) license through Austria. Binance, meanwhile, has adapted its operations in Poland to align with MiCA requirements.
