EU Crypto Market Opens as Gemini and Coinbase Near MiCA Licenses

• Gemini is set to gain EU access with a license from Malta under the MiCA rule.
• Coinbase is seeking approval in Luxembourg to serve all 27 EU nations through one license.
• Some EU nations are uneasy about the licensing process and call for tighter supervision.

Gemini and Coinbase are preparing to secure licenses under the EU’s Markets in Crypto-Assets regulation, granting access across all 27 member states. The MiCA framework, which took effect earlier this year, allows one approved license to unlock full operational rights throughout the bloc. Gemini is expected to receive its license from Malta, while Coinbase is seeking approval in Luxembourg.   

According to sources familiar with the matter, discussions among EU regulators have turned tense. Some jurisdictions reportedly raised objections over the pace and criteria used for approving licenses. Two unnamed individuals stated that closed-door meetings revealed internal disputes regarding the speed at which certain nations are processing applications.

Besides Gemini, Malta has already granted licenses to other firms, such as OKX and Crypto.com. This pattern has raised eyebrows among regulators. Consequently, some nations believe these fast-tracked approvals could lead to fragmented supervision.

Uneven Regulatory Approaches Spark Tensions

Gemini, led by Tyler and Cameron Winklevoss, is finalizing its licensing process in Malta. The move enables the firm to serve the full EU market under MiCA. Notably, the license also allows Gemini to offer regulated derivatives—a growing sector in Europe’s crypto market.

Meanwhile, Coinbase awaits clearance from Luxembourg. Critics, however, argue that Luxembourg’s oversight lacks the depth required to handle such broad access.

Moreover, the rapid pace of license approvals has caused friction among regulators. Some countries question whether uniform enforcement can truly be achieved if license standards differ widely. As one source told Reuters, “There is growing discomfort over conflicting regulatory approaches.”

Related: Coinbase Buys Deribit in $2.9B Deal to Grow Derivatives Arm

Who Should Control EU Crypto Supervision?

MiCA was designed to bring crypto assets under the same legal framework as traditional financial services. However, disputes over how each country applies the regulation threaten to weaken its intended impact.

The European Securities and Markets Authority (ESMA), led by Verena Ross, is calling for expanded oversight powers. Still, several nations are reluctant to transfer more control to the agency.

Ireland’s central bank, for example, has previously likened some crypto operations to Ponzi schemes, reflecting the broader skepticism. With conflicting standards, the EU risks uneven implementation of a unified law.

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