Coinbase and Gemini Set to Obtain EU MiCA Licenses
Coinbase and Gemini are pursuing licenses under the European Union’s Markets in Crypto Assets (MiCA) regulation, enabling them to operate across all 27 EU member states.
- Gemini is expected to receive a license from Malta, which has been rapidly granting approvals to crypto firms.
- Coinbase aims for a license from Luxembourg, with plans to increase its local workforce by over 20 by year-end.
- ZBD became the first payment company to obtain MiCA approval from the Dutch Authority for the Financial Markets (AFM).
- Other firms like MoonPay, Bitstamp, and Hidden Road also secured MiCA licenses in the Netherlands.
- Boerse Stuttgart Digital and Bitpanda received their MiCA licenses from Germany's BaFin earlier this year.
Concerns have surfaced among regulators regarding the speed and rigor of license approvals, raising issues related to potential fraud, market instability, and illicit financial flows. Observers suggest that leniency in the licensing process could undermine MiCA's intended regulatory framework.