Crypto exchanges Gemini and Coinbase are reportedly set to secure licenses to operate in the European Union, marking a significant step in their extension under the newly implemented markets in Crypto -assets (MICA) rules.
Gemini is on its way to receiving approval from Malta, while Coinbase is expected to get its license through Luxembourg, Reuters reported Monday with reference to named sources familiar with the case.
A Coinbase spokesman declined to comment on the specific application, but told Reuters that Luxembourg is a “respected global financial center.”
Gemini and Coinbase would join other major exchanges moving into the EU under the MICA framework. As previously reported by Cointelegraph, Bybit recently received regulatory approval to operate in the region via Austria.
In January, Binance updated his deposits and withdrawal procedures in Poland to comply with the Mica frame.
Regulations under the MICA framework came into force in June 2024, with full implementation after the December, after European Securities and Markets Authority (ESMA) finally issued guidance to EU Member States.
Mica is designed to create legislative consistency throughout the region while strengthening investor protection and promoting financial stability.
https://www.youtube.com/watch?v=ziirhv3cbog
Related: Europe gear up to regulate defi in 2026 as mica leaves the sector in limbo
Mica sparks stableecoin -debat
While Mica has been welcomed by some industry observers for bringing greater clarity to the rapidly developing crypto -active area, not all feedback has been positive. As chainalysis noticed, the rules still leave “some room for interpretation and uncertainty”, especially with regard to stablecoins.
A disputed provision requires stableecoin issuers to have a “significant” part of their reserves in European banks -an important reason why USDT issues -Ther have refused to pursue registration under MICA.
Nevertheless, at least 10 other stableecoins are approved under the framework, including those issued by Circle, Crypto.com, Fiat Republic, Société Générale and others.
Early signs suggest that stablecoin adoption under Mica has been lukewarm.
In Italy – one of the EU’s largest markets – Mica has not led to significant stableecoin resolution, according to Fabio Panetta, former European Central Bank Officer and current Governor of the Bank of Italy.
Instead, he noticed, interest has increasingly changed against “Depot and Trade Services.”
Magazine: Crypto would overturn the banks, now it will be them in stableecoin -fight