Two of the world’s largest cryptocurrency firms are on the verge of securing licenses to operate across the European Union, as tensions rise among regulators over the pace and stringency of certain countries’ approval processes, according to sources familiar with the matter.
Under the EU’s new Markets in Crypto-Assets (MiCA) regulation, which came into effect earlier this year, member states are authorised to issue licenses that permit crypto firms to operate across the 27-nation bloc.
However, “some have raised concerns in closed-door meetings about the speed with which licenses are being granted,” Reuters reported, citing two people familiar with those discussions who requested anonymity due to the sensitivity of the issue.
At the heart of the matter lies oversight of the multi-trillion-dollar crypto industry, which regulators have long warned could foster fraud, financial instability and illicit flows if left unchecked.
MiCA seeks to bring the sector under a unified regulatory framework akin to traditional finance, but some fear that inconsistent enforcement could undermine its objectives.
Gemini, a cryptocurrency trading platform founded by billionaire twins Tyler and Cameron Winklevoss, is reportedly close to obtaining a license from Malta, the EU’s smallest member state, according to two sources.
This follows earlier approvals issued by Malta to OKX and Crypto.com, just weeks after MiCA’s implementation.
Malta’s rapid approvals have attracted scrutiny from other national regulators who convene under the European Securities and Markets Authority (ESMA).
France’s AMF has publicly cautioned that ESMA’s lack of direct authority could trigger a “regulatory race to the bottom”.
A senior regulatory official, speaking on condition of anonymity, expressed concern about relying on licenses from countries with limited regulatory staff, pointing specifically to Malta.
ESMA has reviewed Malta’s licensing procedures, and a report is expected to circulate shortly, according to one source.
In response, a spokesperson for the Malta Financial Services Authority stated that it had issued four crypto licenses to date and attributed its swift processing to its “in-depth understanding acquired over these years”.
The authority also maintained that its anti-money laundering standards were stringent.
ESMA declined to comment.
OKX said its application process had been “rigorous” and emphasised that compliance remained a top priority.
The regulatory debate has intensified with expectations that Luxembourg will soon grant a license to Coinbase, opens new tab, the first US crypto-focused company to join the S&P 500, one of the people said.
While the application has been in progress for several months, one person pointed to the relatively modest size of Coinbase’s planned operation in Luxembourg.
A Coinbase spokesperson did not comment on its application but said it employed 200 in Europe and that it invested in staff to ensure operations were safe.
The spokesperson said Luxembourg was a “high-bar, well respected global financial centre” and that Coinbase would hire more than 20 people there by the end of the year.
Featured image credit: Edited by Fintech News Switzerland, based on image by kanawatTH via Freepik
The post Crypto Giants to Gain EU Access as Regulator Tensions Rise appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.
Full story here Are you the author?
You Might Also Like
Former US CFTC Chair Chris Giancarlo Joins Sygnum as Senior Policy Adviser
2025-05-27
Sygnum, a digital asset banking group, has announced the appointment of J. Christopher Giancarlo, former Chairman of the United States Commodity Futures Trading Commission (CFTC), as its Senior Policy Adviser.
During his time at the CFTC, Giancarlo was known for his support of open markets, innovation, and balanced regulatory approaches.
His advocacy for cryptocurrency before the US Congress earned him the informal title of “crypto dad.”
He remains active in digital asset policy discussions and recently took part in the White House Digital Asset Summit, where regulatory frameworks and industry collaboration were key topics.
In his new role at Sygnum, Giancarlo will offer guidance on regulatory frameworks, strategic partnerships and the global digital asset landscape.
He will also
Swiss Crypto Associations Unveil 12-Point Manifesto to Strengthen Switzerland’s Leadership in Blockchain
2025-05-19
Three crypto industry organizations in Switzerland, namely the Swiss Blockchain Federation, the Crypto Valley Association, and the Bitcoin Association Switzerland, have joined forces to release a comprehensive manifesto aimed at reinforcing Switzerland’s position as a global blockchain hub.
Swiss National Bank Trials Blockchain to Modernise MDB Financial Processes
2025-04-24
The Swiss National Bank, together with the Bank for International Settlements (BIS) Innovation Hub and the World Bank, has successfully developed a proof-of-concept (PoC) platform aimed at improving the management of financial commitments in Multilateral Development Banks (MDBs).
Mastercard Partners with Kraken to Enable Crypto Payments Across UK and Europe
2025-04-11
Mastercard has entered into a partnership with Kraken to enable real-world Bitcoin and cryptocurrency payments across the UK and Europe.
The collaboration will allow Kraken users to spend their digital assets at over 150 million merchants worldwide that accept Mastercard, marking a move towards greater integration of cryptocurrency into everyday transactions.
Scott Abrahams
“Mastercard is committed to driving innovation and expanding the possibilities of digital payments,”
said Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard.
“Our partnership with Kraken is a concrete demonstration of this, as we work together to unlock the true potential of cryptoassets for everyday use.”
Kraken will use Mastercard’s payments infrastructure to support the introduction of
nxtAssets GmbH Joins SIX Swiss Exchange as the Latest Issuer of Crypto ETPs
2025-03-25
SIX Swiss Exchange welcomed nxtAssets GmbH as its newest issuer of Exchange-Traded Products (ETPs) with cryptocurrency underlyings.
nxtAssets GmbH has listed two fully backed products, one on Bitcoin and one on Ethereum, expanding the range of regulated digital asset investment opportunities available to institutional and private investors.
PostFinance Launches Staking Service for Ethereum
2025-01-20
PostFinance has partnered with Sygnum, a FINMA-regulated digital asset bank, to offer cryptocurrency trading and custody services.
The new offering includes a “staking” feature, initially available for Ethereum through the PostFinance App and e-finance.
Other cryptocurrencies will be added in the future.
“Staking” involves locking up cryptocurrencies to support blockchain security and operations, earning “staking rewards” as passive income.
Dr. Alexander Thoma, Head of Digital Assets at PostFinance, stated,
Alexander Thoma
“The staking service is based on ‘native staking,’ which takes place directly on the Ethereum blockchain and thus offers maximum transparency and security.”
Customers can start staking with as little as 0.1 ETH.
Staking rewards are integrated into users’ asset statements
Tags: Blockchain,Featured,newsletter
