Major crypto exchanges Gemini and Coinbase are on track to acquire EU licenses enabling them to operate across the entire European Union. According to reports, Gemini is nearing approval in Malta, which previously licensed other exchanges, while Coinbase is expected to receive its licensing in Luxembourg, where it plans to establish an office. This is significant due to the Markets in Crypto-Assets regulation (MiCA), allowing a licensed firm in one member state to operate across all 27 EU countries. However, regulatory bodies like the European Securities and Markets Authority are expressing concerns over rapid license approvals, fearing a potential 'race to the bottom' in regulatory standards, which could undermine consumer protection. Industry experts emphasize the need for consistent regulatory standards across member states to maintain cross-border trust and protect consumers. The article argues that if nations view MiCA simply as a way to attract business through lenient licensing, it could lead to a dilution of regulatory effectiveness and push businesses toward more stringent regions such as the U.S.

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