Crypto companies secure EU licenses despite regulatory disagreements

Two leading cryptocurrency firms are nearing approval for EU operating licenses, even as regulators in the bloc remain divided over the licensing process, according to Reuters sources familiar with the matter.

The EU's Markets in Crypto-Assets (MiCA) framework allows crypto companies to obtain a license valid across all 27 member states. However, some EU members have questioned the rapid approval process, with regulators warning that lax oversight of the multibillion-dollar industry could lead to widespread fraud and market instability, the news agency reports.

Cryptocurrency exchange Gemini is finalizing regulatory approval from Malta, following the rapid licensing of OKX and Crypto.com. These accelerated approvals have drawn scrutiny from international regulators, including France’s financial watchdog. Maltese officials attribute their speedy processing to established expertise and robust compliance frameworks. Meanwhile, Luxembourg's financial authority is preparing to grant a license to Coinbase, according to Reuters.