The exchanges of Crypto Gemini and Coinbase would be ready to guarantee licenses to operate in the European Union, marking an important step in their expansion within the framework of regulations on the newly implemented markets of crypto-skates (Mica).
Gemini is on the right track to receive the approval of Malta, while Coinbase should obtain his license via Luxembourg, reported Reuters on Monday, citing anonymous sources familiar with the question.
A spokesperson for Coinbase refused to comment on the specific request, but told Reuters that Luxembourg is a “respected global financial center”.
Gemini and Coinbase would join other major exchanges that are headed for the EU as part of the Mica. As indicated above by Cintelelegraph, Bybit recently obtained regulatory approval to operate in the region via Austria.
In January, Binance updated his procedures for filing and withdrawal in Poland to comply with the Mica frame.
The regulations within the framework of the Mica entered into force in June 2024, with a complete implementation after in December after the European Securities and Markets Authority (ESMA) published final directives for the EU member states.
Mica is designed to create regulatory consistency in the region while strengthening the protection of investors and promoting financial stability.
https://www.youtube.com/watch?v=ziirhv3cbog
In relation: Europe is preparing to regulate DEFI in 2026 while mica leaves the sector in limbo
Mica Sparks Stablecoin Debate
Although the mica was greeted by certain industry observers to bring greater clarity to the rapidly evolving crypto asset space, not all comments have been positive. As the chain-analysis noted, the rules always leave “a certain place to interpretation and uncertainty”, in particular with regard to stablecoins.
A controversial provision requires stablecoin issuers that they have an “important” part of their reserves in European banks – a key reason why the USDT issuer refused to continue recording under the mica.
However, at least 10 other stablecoins were approved in the context, including those published by Circle, Crypto.com, Fiat Republic, General Society and others.
The first signs suggest, however, that the adoption of the stable reserve under the mica was lukewarm.
In Italy – One of the largest EU markets – the Mica has not led to a major adoption of Stablecoin, according to Fabio Panetta, former head of the European Central Bank and current governor of the Bank of Italy.
Instead, he noted, the interest has moved more and more towards “daycare and trading services”.
Review: The crypto wanted to reverse the banks, now it becomes in the fight of Stablecoin
