Major Crypto Exchanges Secure EU Regulatory Approval

Two leading cryptocurrency platforms are preparing to obtain operational licenses within the European Union under the Markets in Crypto-Assets (MiCA) regulatory framework. Gemini is expected to receive authorization from Malta's financial regulators, while Coinbase's approval will come through Luxembourg, according to industry sources cited by Reuters.

Regulatory Expansion Across Europe

This development follows similar moves by other exchanges like Bybit, which recently established its EU headquarters in Vienna. The MiCA regulations, which became partially effective in June 2024 with full implementation scheduled for December, aim to standardize crypto asset oversight across EU member states while enhancing consumer protections.

【Notable Detail】Coinbase declined to confirm specific licensing details but emphasized Luxembourg's reputation as a global financial hub. The exchange's potential approval would mark its formal entry into the EU's regulated crypto market.

Stablecoin Controversy Emerges

While MiCA brings regulatory clarity, its stablecoin provisions have sparked debate. The framework requires issuers to maintain substantial reserves in European banks — a requirement that prompted Tether, issuer of the world's largest stablecoin USDT, to avoid MiCA registration entirely.

——"The banking reserve requirement creates unnecessary friction for global stablecoin operators," noted one industry analyst who requested anonymity——

【Data Point】Despite these challenges, at least 10 stablecoin projects including Circle's USDC and Crypto.com's offerings have secured MiCA approval as of February 2025.

Mixed Market Response

Early adoption patterns reveal surprising trends. Bank of Italy Governor Fabio Panetta observed stronger interest in crypto custody and trading services than stablecoins within Italy's market. This contrasts with initial expectations that MiCA would drive widespread stablecoin adoption across the EU.

The licensing approvals for Gemini and Coinbase arrive as the EU prepares to address decentralized finance (DeFi) regulations in 2026, leaving the current framework with notable gaps in covering this rapidly evolving sector.

Industry Adaptation Continues

Other major players like Binance have already adjusted operations to comply with MiCA requirements. The exchange modified its deposit and withdrawal processes in Poland earlier this year to align with the new standards.

As the December 2025 full implementation deadline approaches, market observers anticipate further adjustments across the crypto industry to meet the EU's comprehensive regulatory requirements.