Cryptocurrency exchanges Gemini and Coinbase are poised to obtain licenses that would allow them to operate across all 27 member states of the European Union (EU). This move signifies a major step towards mainstreaming cryptocurrency operations within the EU. The news comes as MiCA, which came into full effect earlier this year, empowers individual EU countries to issue licenses for crypto businesses, allowing companies to operate throughout the entire bloc. However, the rapid pace of these approvals has sparked concerns among regulators, who reportedly fear a lack of consistency in how the licenses are being granted across different European nations. These internal debates highlight the complexity of regulating the multi-trillion-dollar cryptocurrency industry. Regulators have consistently warned about potential risks such as fraud, market instability, and illicit financial flows if the sector remains inadequately supervised. MiCA aims to provide a similar regulatory framework for cryptocurrencies as traditional finance, but concerns remain that inconsistent enforcement across EU member states could undermine its overall goals. The prospect of Gemini and Coinbase gaining EU-wide licenses underscores the growing integration of digital assets into the global financial system.