Gemini and Coinbase to Obtain EU Licenses Under MiCA Regulations
- Crypto exchanges Gemini and Coinbase are set to secure licenses in the European Union.
- Gemini is expected to receive approval from Malta, while Coinbase aims for a license through Luxembourg.
- Binance updated its procedures in Poland to comply with MiCA regulations earlier this year.
- MiCA regulations took effect in June, with full implementation expected by December.
- Stablecoin issuers must hold significant reserves in European banks under MiCA, affecting adoption rates.
The move by Gemini and Coinbase to secure EU licenses marks a significant expansion under the Markets in Crypto-Assets (MiCA) framework, which aims to create regulatory consistency across the region while strengthening investor protection and promoting financial stability. Despite some challenges related to stablecoin provisions, at least ten stablecoins have been approved under MiCA.
This development highlights the growing interest of major crypto exchanges in expanding their operations within the European Union’s regulatory environment, following similar steps by other exchanges like Bybit and Binance. (Source)
