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Crypto Giants to Gain EU Access as Regulator Tensions Rise
- Two major cryptocurrency firms are close to securing licenses to operate across the EU amid regulator tensions over approval processes.
- The EU's new MiCA regulation allows member states to issue licenses for crypto firms to operate across the 27-nation bloc.
- Concerns have been raised about the speed of license approvals within closed-door meetings among regulators.
- Regulators aim to oversee the crypto industry to prevent fraud and illicit activities.
- Gemini is reportedly nearing a license from Malta, following previous approvals for OKX and Crypto.com after MiCA's implementation.
- Malta's swift approvals have drawn scrutiny from other regulators under ESMA, fearing a 'regulatory race to the bottom.'
- ESMA is reviewing Malta's licensing procedures, with a report expected to circulate soon.
- Concerns have been raised about relying on licenses from countries with limited regulatory staff like Malta.
- OKX stressed the rigor of its application process and the priority of compliance.
- Luxembourg is anticipated to grant a license to Coinbase, the first US crypto company in the S&P 500, amid regulatory debates.
- Coinbase plans a relatively modest operation in Luxembourg and is investing in staff and safety.
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