Cryptocurrency exchanges Gemini and Coinbase are on the verge of obtaining regulatory approval to operate in the European Union under the Markets in Crypto Assets (MiCA) framework.
According to Reuters on Monday, Gemini is expected to receive its license from Malta, while Coinbase will likely obtain authorization through Luxembourg.
A Coinbase spokesperson did not confirm the details but praised Luxembourg as a "well-respected global financial center."
The approvals would place both platforms alongside other major players such as Bybit and Binance, which have already taken steps to comply with MiCA.
Although MiCA has been praised by many in the industry for providing much-needed regulatory clarity in the dynamic cryptocurrency sector, critics point out that ambiguities remain.