Two of the world’s biggest crypto firms are set to gain licences that let them offer services across the 27 countries of the European Union. Under the new Markets in Crypto Assets regulation, member states can approve providers to operate everywhere in the bloc.
Reuters reported that Gemini, the exchange run by twins Tyler and Cameron Winklevoss, is close to getting its license from Malta.
At the same time, US‑based Coinbase is expecting approval from Luxembourg. Both moves come as part of efforts to bring digital assets under the same rules as banks and brokerages.
Speed Versus Scrutiny
Regulators are split on how fast approvals should move. Some worry that quick sign-offs in smaller states could weaken the new regime.
France’s markets watchdog has warned that without stronger powers for the EU’s main regulator, there could be a race to approve the easiest applications. Officials say they fear that firms could pick the friendliest nation to win a licence and then serve the whole region from there.
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Malta has drawn sharp attention because it processed applications faster than others. A top EU body is preparing a report to review its work.
Malta’s financial authority says it has handled four crypto licences so far. It credits its speed to years of experience with sector rules and insists its anti-money laundering checks are strict.
Other Recent Approvals
Germany’s BaFin regulator recently granted a licence to BitGo Europe under the same EU rules. That green light means BitGo can now offer regulated digital asset services across the union.
Crypto.com has also confirmed it can now serve all EEA member states under its cross-border licence. These moves follow growing demand as investors look for safe, regulated places to trade digital coins.
OKX, another global exchange, said its review by regulators was careful and thorough. Coinbase, which expects its licence soon, noted that it already has 200 staff in its European offices.
The company plans to add more than 20 roles in Luxembourg by year-end to support its local set-up. A spokesperson said that choosing Luxembourg made sense because it is known for high standards and a strong finance industry.
What Comes Next?
As rookie and veteran crypto firms line up for EU approval, the debate over speed and oversight shows no sign of ending. The final report on Malta could lead to calls for tighter checks or more power for the EU regulator.
At the same time, more firms will seek licences in other countries that move fast. The success of the new rules will depend on finding the right balance between quick access and reliable control.
In time, a clearer picture should emerge of which states lead in supervising digital assets. Regulators hope that a consistent zone for crypto services will curb fraud and market shocks. For now, the licences awarded mark a big step in weaving digital tokens into mainstream finance.