U.S. Crypto Giants Poised for Major EU Expansion Under MiCA Framework
Major U.S. cryptocurrency exchanges Gemini and Coinbase are reportedly on the verge of securing operational licenses within the European Union, marking a strategic expansion into one of the world’s most comprehensively regulated digital asset markets. This pivotal move underscores the industry’s increasing adaptation to the EU’s unified Markets in Crypto-Assets (MiCA) framework.
These anticipated approvals will empower both exchanges to offer a full spectrum of services across EU member states under the comprehensive MiCA regime. Reuters reports that Gemini’s registration is expected in Malta, while Coinbase is pursuing authorization in Luxembourg, a jurisdiction widely recognized for its robust financial sector. This strategic positioning aligns them with other prominent firms already adapting to MiCA, such as Bybit, which recently secured an Austrian license, and Binance, which has proactively adjusted its Polish operations to ensure compliance with the new framework.
MiCA’s Regulatory Landscape and Stablecoin Challenges
MiCA, fundamentally designed to unify cryptocurrency regulations across the EU, officially became effective in June 2024. National regulators subsequently received a comprehensive set of implementation rules by December, following detailed guidance from the European Securities and Markets Authority (ESMA). While MiCA’s overarching aim is to instill greater clarity and stability within the digital asset sector, certain complexities persist, particularly concerning the regulation of stablecoins.
A pivotal clause within MiCA mandates that stablecoin issuers maintain a significant portion of their reserves in EU-based banks. This stringent requirement has reportedly deterred some major entities, such as Tether, from registering within the bloc. Conversely, other significant stablecoin issuers like Circle and Société Générale have successfully secured the necessary approvals, demonstrating an adaptability to the new framework. Despite these regulatory advancements, market observations, including specific trends noted in Italy, suggest a somewhat limited stablecoin activity. This indicates a potential market pivot towards core infrastructure services such as custody and trading. These are precisely the segments where Gemini and Coinbase are strategically positioned to thrive under MiCA’s stringent but clear oversight, effectively leveraging the new regulatory clarity to solidify their European operations.
Former Wall Street analyst turned crypto journalist, Marcus brings a decade of expertise in trading strategies, risk management, and quantitative research. He writes clear, actionable guides on technical indicators, portfolio diversification, and emerging DeFi projects.