Major Crypto Exchanges are set to receive MiCA EU licenses allowing operation across all 27 member states

Gemini and Coinbase, two major crypto exchanges, are set to receive EU licenses allowing them to operate across all 27 member states. The licenses, granted under the Markets in Crypto-Assets (MiCA) regulation, are sparking concerns about differing regulatory standards and a potential "race to the bottom" in consumer protection. EU regulators are concerned that smaller countries are approving licenses quickly, while larger countries may have stricter standards in place.

Key Points:

• Gemini is set to receive a license from Malta, while Coinbase is in the final stages of approval in Luxembourg.
• The licenses would grant the exchanges access to the pan-European market through "passporting."
• EU regulators are concerned about the potential for a "race to the bottom" in standards, undermining consumer protection.
• Experts warn that differing regulatory capacity across member states could dilute consumer protection and cross-border trust.