- Gemini and Coinbase are set to expand across the EU under MiCA by securing licenses in Malta and Luxembourg.
- Regulators worry these faster approvals could come with weaker oversight.
- ESMA is now reviewing the process amid growing calls for stronger, unified enforcement.
Platforms like Gemini and OKX are gearing up for MiCA licences, yet uneven regulatory muscle is stirring debate. Two big crypto names—Gemini, run by the famous Winklevoss twins, and OKX—are on deck to get EU-wide licences under the new Markets in Crypto‑Assets (MiCA) rule. That means once approved, they’ll be able to roll out services across all 27 member states.
That speed has irked other EU watchdogs. There’s growing concern within the European Securities and Markets Authority (ESMA) and among national regulators that Malta’s lean staffing may lead to weak oversight and spark a “race to the bottom” in approvals.
MiCA was designed to give crypto firms the same regulatory standard as banks and traditional finance—but only if enforcement is consistent and thorough. Critics argue that fast‑track approvals without heavy scrutiny risk undermining that goal.
Luxembourg Enters the Fray with Coinbase
Malta stands by its record. The Malta Financial Services Authority pointed out they’ve done this before and say being nimble comes from years of hands‑on experience. They currently hold four crypto licences and insist their anti‑money‑laundering standards hold up to scrutiny . Meanwhile, OKX’s team says their application was no walk in the park, they treated it “rigorously” and compliance is their top priority.
Europe’s crypto landscape is shifting fast, and what’s playing out now feels less like routine regulation and more like a quiet power struggle. Malta’s decision to quickly approve major players like OKX, Gemini, and Crypto.com has stirred things up. It’s pushed the pace, but also raised eyebrows. Some regulators are wondering whether moving fast means overlooking important details.
The MiCA rulebook was meant to make things simple and consistent across the EU. But if each country handles it differently, especially with varying levels of strictness, that consistency starts to crack. Some voices are now pushing for ESMA to take a bigger role in overseeing how rules are enforced across the board. Not everyone’s on board with that idea though, some fear it would centralise too much power.
Luxembourg’s move to license Coinbase could rebalance things again, especially as Ireland, once seen as a frontrunner, starts to lose momentum. Ireland’s central bank has been openly skeptical of crypto, and it’s showing in how slowly things are moving there. The way Europe handles crypto regulation right now could either open the door to more growth and trust, or put the brakes on innovation just when it’s gaining speed.
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