This move would grant them access to operate across all 27 member states, marking a significant step in the mainstreaming of cryptocurrency operations within the European Union.
The news, initially reported by Reuters, comes as MiCA, which came into full effect earlier this year, empowers individual member states to issue licenses that allow crypto companies to conduct business throughout the entire EU bloc.
However, the rapid pace of these approvals has reportedly sparked internal debate among regulators. Sources familiar with closed-door meetings, who requested anonymity due to the sensitivity of the discussions, revealed concerns among some officials regarding the speed and rigor with which these licenses are being granted by certain countries.
This growing “rift” highlights the complex challenge of regulating the multi-trillion-dollar crypto industry. Regulators have consistently warned about the potential for fraud, market instability, and illicit financial flows if the sector remains inadequately supervised. MiCA’s core objective is to bring cryptocurrency activities under a similar regulatory framework as traditional finance. Yet, fears persist that inconsistent or uneven enforcement across member states could ultimately undermine the regulation’s overarching goals.
The prospective licensing of Gemini and Coinbase underscores the increasing integration of digital assets into the global financial landscape. As these major players expand their reach within the EU, the scrutiny surrounding regulatory consistency and the robust implementation of MiCA is likely to intensify.
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