Key Takeaways:
- Gemini and Coinbase are nearing EU regulatory approval under MiCA, with Gemini applying via Malta and Coinbase via Luxembourg.
- MiCA implementation is progressing across the EU, prompting major exchanges like Binance and Bybit to adjust or expand operations.
- MiCA’s stablecoin rules, especially reserve requirements in European banks, have sparked debate and led Tether to opt out of registration.
Gemini and Coinbase are reportedly close to securing licenses to operate in the European Union under the Markets in Crypto-Assets (MiCA) regulatory framework.
Gemini is expected to obtain its license through Malta, while Coinbase is likely to be approved via Luxembourg.
Coinbase, Gemini near coveted EU crypto license approvals under MiCA rules https://t.co/716urx1XiF
— The Block (@TheBlock__) June 16, 2025
This move aligns with MiCA’s goal of standardizing crypto regulations across the EU, enhancing investor protection and promoting financial stability.
Other major exchanges like Bybit and Binance have also adjusted operations to comply with the new rules.
MiCA began implementation in June 2024, with full enforcement set for December following guidance from the European Securities and Markets Authority (ESMA).
One of the more controversial aspects involves stablecoin oversight.
The framework mandates that issuers hold a significant portion of reserves in European banks, prompting
Tether to opt out of registering under MiCA. However, more than 10 stablecoins – including those from Circle, Crypto.com, and Société Générale – have already been approved.
Despite regulatory progress, adoption remains limited in key markets like Italy, where users favor custodial and trading services over stablecoins.
Some in the industry, including Chainalysis, have noted that MiCA’s requirements leave room for interpretation, especially regarding stablecoin reserve policies.
Nonetheless, MiCA represents a major step toward regulatory clarity in the EU crypto space.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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