Cryptocurrency exchanges Gemini and Coinbase are inching closer to obtaining operational licenses across the 27 member states of the European Union (EU) under the Markets in Crypto-Assets Regulation (MiCA). These anticipated approvals would pave the way for increased market participation. While the Malta Financial Services Authority has already licensed prominent players like OKX and Crypto.com, Gemini is set to receive approval from Malta, while Coinbase awaits a decision from Luxembourg.
Both companies are poised for significant expansion within the EU’s crypto ecosystem. The licenses will allow them to tap into a unified market space, fostering growth and attracting institutional investors. This move also opens doors for Gemini’s regulated derivatives offerings in Europe. However, concerns remain regarding potential regulatory discrepancies across various EU nations.
MiCA regulation aligns with US precedents, particularly the approval of Bitcoin futures by the CFTC, which bolstered market confidence. With these licenses nearing approval, the industry is eagerly awaiting clarity on how regulatory practices will unfold in various EU countries. The Coincu research team suggests that this potential for increased financial and regulatory stability could facilitate expanded operations within the European market. Past analysis indicates a positive impact of adopting standard compliance frameworks on technological innovations and cross-border collaborations.
This development also coincides with significant crypto market gains. Bitcoin (BTC) currently trades at $105,016.44, boasting a market cap of $2.09 trillion. Despite recent price fluctuations, the past 90 days have seen a notable 25.28% increase in Bitcoin’s price.
Disclaimer: The information presented here is for general market commentary and does not constitute financial advice. Always conduct your research before making any investment decisions.