Crypto exchanges are Gemini and Coinbase reportedly set to secure licenses to operate in the European Union, which has marked a significant step in their expansion under the newly implemented markets in crypto-assets (MICA) regulations.
Gemini is on track to receive approved from Malta, while Coinbase is expected to obtain its license by Luxembourg, Reuters reported Monday, citing unnamed resources familiar with this matter.
A Coinbase spokesman refused to comment on specific application but told Reuters that Luxembourg was a “well -respected global financial center.”
Gemini and Coinbase will join other major exchanges moving to the EU under the Mica framework. As usual Cointelegraph reportedRecently acquired regulatory approvement to operate in the region through Austria.
In January, Binance has updated deposit procedures and its removal in Poland to follow the Mica framework.
Regulations under Mica Framework occurred in June 2024with full implementation next in December after the European Securities and Markets Authority (ESMA) released final guidance for EU member states.
MICA is designed to create the regulation of regulations throughout the region while strengthening the investor protection and promoting financial stability.
https://www.youtube.com/watch?v=ziirhv3cbog
Related: Europe is preparing to fix the defi in 2026 while Mica leaves sector in limbo
Mica Sparks Stablecoin Debate
While Mica has been accepted by some industry observers for bringing more clarity to the rapid emerging crypto asset space, not all comments have become positive. Number Chainalysis Noted, the rules still leave “some room for interpretation and uncertainty,” especially about stablecoins.
An undeniable provision requires those who give up stablecoin declined to pursue registration under MICA.
However, at least 10 Other stablecoins have been approved Under the plot, including issued by Circle, Crypto.com, Fiat Republic, Société Générale and others.
Early signs suggest that the stablecoin adoption under the mica is warm, however.
In Italy – one of EU’s largest markets – Mica does not lead to significant adoption of stablecoinAccording to Fabio Panetta, a former European Central Bank official and current governor of the Bank of Italy.
Instead, he noted, the interest moved further into “care and trading services.”
Magazine: Crypto wants to overthrow banks, now they turn into the stablecoin fight
