Catenaa, Saturday, June 21, 2025-US-based crypto exchanges Coinbase and Gemini are nearing regulatory approval to operate across the European Union under the bloc’s Markets in Crypto-Assets (MiCA) rules, positioning themselves to expand in one of the world’s most closely watched crypto jurisdictions.
Reuters reported Monday that Coinbase is expected to receive its crypto-asset service provider (CASP) license via Luxembourg, while Gemini, founded by Tyler and Cameron Winklevoss, has filed through Malta. These approvals would enable both exchanges to legally operate throughout all 27 EU member states.
MiCA, which went into full effect late last year, standardizes oversight across the bloc for crypto firms offering services such as trading, custody, and portfolio management. Once approved, Coinbase and Gemini would join firms like BitGo, MoonPay and Hidden Road that have already secured licenses through Germany and the Netherlands, respectively.
Regulatory experts, however, raised concerns about potential “regulatory arbitrage.”
Despite MiCA’s harmonized framework, countries like Malta and Luxembourg have become preferred licensing hubs due to faster processing and long-standing experience in financial regulation, prompting worries about inconsistent enforcement standards.
The European Securities and Markets Authority has urged vigilance, particularly after recent high-profile crypto breaches, including a $1.5 billion hack involving Bybit.
Still, officials in Malta say their expedited licensing stems from regulatory experience rather than leniency.
Gemini, which recently expanded into France under a separate VASP license, said the EU remains a core part of its strategy as it aims to go public. The firm has bolstered its European leadership team to manage the rollout.
