Malta’s Crypto License Rush Puts EU’s MiCA Law to the Test

• EU nations show concern over Malta’s MiCA approval rate.
• Coinbase and Gemini are on the verge of acquiring MiCA licenses.
• Malta dismisses fears over its MiCA license approval process.

The EU’s new Markets in Crypto-Assets (MiCA) regulation is facing a significant test as member nations have expressed concern over the potential effect of approvals by relatively small nations. A section of the EU, under the umbrella of the European Securities and Markets Authority (ESMA), is scrutinizing Malta’s rate of issuing operational licenses to crypto companies.

MiCA came into effect earlier this year. It is a universal license allowing crypto companies to operate throughout the 27-nation bloc. Hence, once a crypto firm acquires the MiCA license from any of the member nations, it could operate across the entire region without regulatory restrictions. 

Fears Grow Over Regulatory Oversight in Smaller Nations

A few months after MiCA’s launch, a section of the member nations is worried about the potential of indiscriminate regulatory approvals. Gemini’s almost-ready license from Malta to operate across the EU region has raised some eyebrows. The concern may not…

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