The European Union’s glossy new Crypto rulebook is finally here, and Crypto’s heavyweights are wasting no time. In the Crypto-Assets (MICA)-regulated market, several well-known exchanges are on track to operate passports in all 27 EU countries. But behind the scenes, regulators are I’m convulsing. This is a major opportunity for the EU Crypto market, but it also tests how well regulators can implement the new rules.
Requires Gemini, Okx and Coinbase
First, Gemini. A Winklevoss-led exchange is nearby Get a license In Malta, that movement Let me It helps all european union. Malta has already distributed licenses to okx and crypto.com. Currently, Luxembourg is reportedly preparing to approve Coinbase. This adds more firepower to the list of MICA-compliant platforms.
Breaking News: MICA adoption in Europe by 2025 will have a major impact on crypto investors. https://t.co/hipqtxlpry #mica #cryptoinvestors #europe2025 pic.twitter.com/xmaqd7gxfa
-Rayan Bibiloni (@Rayan_Bibiloni) June 13, 2025
In theory, once a company obtains a license in one EU country, it operates throughout the bloc. That’s MICA’s promise: seamless access and equal playing fields. but reality It’s even more troublesome.
Regulators raise their eyebrows
Watchdogs across the country are not very sure how fast things are moving, especially in small countries like Malta. Their concern? That Light Touch Review could potentially operate across the EU even if reviewed companies slip through the cracks.
French regulators are particularly concerned. They warned that if this were to be a race to quickly hand out licenses, it could become a patchwork system that would speed up over security. That’s what ESMA, the European Securities Markets Agency I’m looking closely And plans to release a report on it “Regulatory arbitrage law. ”
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Malta says: We know what we are doing
Malta has not retreated. Officials there say they have built the experience and staff to properly handle the Mycal application. They have already approved four licenses and claim that the process is thorough, even if it’s faster than some of the great powers.
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Still, concerns remain. One EU source reportedly said regulators were worried about weight when they set up bars beyond the BLOC for compliance. One regulator is wrong, which affects all 27 countries.
Luxembourg’s Power Play, Ireland’s Crypto Cold Shoulder
Luxembourg will soon issue a Coinbase license. This will be a huge victory for both the country and the exchange. Luxembourg has long been a hub for financial services, but the move will further strengthen its position as a crypto-friendly jurisdiction.
However, Ireland is taking the opposite approach. The central bank has openly criticised the code, and the governor has compared parts of the industry to Ponzi. That hard-line stance may make it even more difficult for Ireland to attract top-class crypto businesses seeking European bases.
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What is at risk for users and the market?
mica It is supposed to bring order to the chaos of European crypto regulations. If that works, investors will be protected, the exchange will become clear and innovation will be gained I’ll keep moving. but If national regulators pull in different directions, whole The system is possible buckle.
The global crypto market is worth over $3 trillion. Such money requires guardrails, not loopholes. Everyone is trying to avoid the confusion of another FTX size, but it has proven difficult to balance safety and speed.
What’s coming next
All eyes are in the next move in ESMA. Do they tighten the standards? Let me Member countries Continued In Interpret What’s their way? The way Europe handles this rollout sets the tone of global crypto regulations. The future of the EU crypto market may depend on how ESMA handles growing concerns about regulatory arbitrages.
The clock is ticking every moment. And no one wants to be a weak link.
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Key takeout
Gemini, OKX and Coinbase are racing to gain EU-wide access under MICA by securing licenses in Malta and Luxembourg.
National regulators like France and agencies like ESMA have warned of regulatory rulings and loose surveillance in smaller EU states.
Malta defends the process and argues that experience and staffing can support responsible implementation of MICA despite rapid approval.
Luxembourg is proceeding with Coinbase approval, but Ireland is opposed to the code, citing market risks and Ponge concerns.
The success or failure of MICA deployments could shape the future of crypto regulations across the EU and ripple into global policies.
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