Gemini and Coinbase, two leading global crypto exchanges, are close to receiving operational licenses under the European Union’s MiCA regulations.
Gemini expects approval from Malta, while Coinbase is working through a similar process in Luxembourg, sources familiar with the discussions confirmed.
The new Markets in Crypto-Assets (MiCA) framework allows any licensed firm in one member state to offer services across all 27 EU nations. However, concerns have grown among national regulators about inconsistent licensing standards and the speed of approvals in certain countries.
Malta granted licenses to OKX and Crypto.com soon after MiCA took effect, raising scrutiny from larger regulators across the region.
The European Securities and Markets Authority (ESMA) is reviewing Malta’s process and intends to publish findings shortly, as several members question the island’s staffing and due diligence capacity.
ESMA has warned that uneven enforcement of MiCA rules may erode the entire regulatory structure designed to bring crypto firms under financial oversight.
Coinbase targets Luxembourg for regulatory expansion
Coinbase’s license from Luxembourg appears likely soon, marking a shift in the firm’s European strategy after previously expanding in Ireland.
While Coinbase’s Luxembourg operations are still small, the firm has committed to hiring more than twenty staff by year’s end to meet regulatory expectations.
Malta’s financial regulator maintains it can approve licenses quickly due to prior experience and rigorous anti-money laundering standards.
However, some national authorities remain unconvinced, suggesting that approval speed may reflect commercial priorities rather than thorough vetting.
Coinbase and Gemini’s expected registrations under MiCA raise more concerns about the EU’s enforcement consistency problem. ESMA has been pushing for more authority but is faced with opposition from member states who do not want to give up more power.
At the same time, the value of the European crypto market standing at $3.3 trillion remains exposed without cohesive regulatory control across its borders.
