Gemini and Coinbase near EU -leaf licenses due to concerns about stablecoins and regulations.

The main stock platforms of Coinbase and Gemini cryptocurrency substances are close to obtaining licenses that will legally operate in the European Union (EU) according to the regulations on the cryptoactive markets (Mica). With these licenses, they would join other global scholarships, such as Bybit, which in May received the approval of the Austrian Market for Markets.

Coinbase and Gemini near the EU approval under Slp

According to reports, Gemini is close to obtaining a license in Malta, which has already approved other large platforms such as OKX and Crypto.com. Meanwhile, Coinbase focuses on Luxembourg, where he has been investigating his license for some time.

Coinbase spokesman said a company that is now a member of the S&P 500 has approximately 500 employees in Europe. It also plans to increase its team in Luxembourg by finding 20 other employees this year.

Mica came into force in June 2024 and was fully performed in December after ESMA published its final directive. The aim of this Regulation is to create cohesive rules for cryptocurrency companies through the EU, protect investors and promote financial stability.

In January, Binance modified the way users in Poland make deposits and withdrawals to meet its services by the new European law.

Concerns about the speed of licenses in Malta and the application of the height

Some European regulators have expressed concern about the speed and consistency of the approval of a crypto license within Sica. They fear that clotting of approval, especially in countries such as mortar, may endanger the goals of regulation.

The main concerns are:

• The pace of approval of licenses of mica in countries such as Malta and Luxembourg.
• Regulators are afraid that incoherent application will reduce the overall impact of the mica.
• France has expressed its concerns that limited regulatory powers can reduce EU level standards.
• The Luxembourg manager denies the existence of weak rules and assigns criticism between EU Member States.

Stablecoins rules arouse fears at a time when the EU is facing a unit test

Concerns concerning mica focus mainly on its rules concerning stablecoins. The regulations require transmitters to have a “significant” part of their reserves in banks based in the EU.

However, the term “significant” is not clearly defined, which retreats to uncertainty. This lack of clarity caused certain societies to be cautious about their obligation to the shepherd.

Tether, who emits the popular stable USDT, decided not to participate in Sica because he does not want to maintain reservations in European banks. However, more than a dozen other stables – such as Circle, Crypto.com and Société Générale – have received approval under the new rules.

Although Mica has provided clearer instructions in many parts of the European crypto of the universe, the acceptance of stablecoins under these regulations remains relatively slow. The rules are introduced, but the activity on this market has not yet accepted its momentum.

On a larger scale, cracks are beginning to appear among EU Member States. There is a debate on the question of whether ESMA should have more powers in order to ensure uniform use of the mica everywhere.

Although the EU has common rules and a shared market, the country is competing to attract global crypto companies. This rivalry raises concerns about its impact on the application of the rules and on the effectiveness of the mica scale.

IFEOLowa O.

IFOLOWA specializes in writing and marketing Web3, with more than 5 years of experience in creating bright and strategic content. In addition, it trades in crypt and is qualified in performing technical, basic and chains.

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The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.