Coinbase, Gemini Edge Closer to EU-wide Crypto Licenses

- Coinbase, Gemini nearing CASP authorizations under MiCA rules. - Licenses to enable EU-wide operations. On June 16, 2025, Reuters reported that Coinbase and Gemini are nearing approval for crypto-asset service provider (CASP) authorizations under the European Union's Markets in Crypto-Assets (MiCA) regulation. These authorizations will enable the exchanges to operate across the EU's 27 member states. Coinbase anticipates receiving its CASP authorization from Luxembourg, while Gemini is nearing approval from Malta. This development will allow both exchanges to expand their operations within the EU market, subsequently enabling them to provide regulated crypto services to European customers. The MiCA regulation, which came into full effect at the end of last year, aims to standardize crypto oversight across the EU, fostering a unified market and enhancing consumer protection. However, regulators express concern about the varying speeds and standards of the licensing process in different member states. The European Securities and Markets Authority (ESMA) has particularly scrutinized Malta's licensing process, as some ESMA officials worry about a potential "race to the bottom." These concerns arise because jurisdictions like Malta and Luxembourg seek to become attractive hubs for crypto firms. In addition to Coinbase and Gemini, Malta recently granted similar approvals to other crypto companies, including OKX and Crypto.com, a trend indicating a growing interest among companies in establishing regulatory footholds within the EU's lucrative market. According to CoinMarketCap on June 16, at 14:00 UTC, Bitcoin (BTC) is trading at $30,250, and its 24-hour trading volume shows a 1.2% change.