⚠️The adventures of cryptocurrency exchanges in Europe

⚠️The adventures of cryptocurrency exchanges in Europe

Coinbase and Gemini are preparing to enter the European market with licenses issued by “small” countries: one is about to obtain registration in Luxembourg🇱🇺 and the other in Malta🇲🇹.

However, this approach raises concerns among regulatory bodies.

➡️What’s the problem? Firstly, licenses are being granted too quickly, when the process should be more rigorous. Secondly, companies that do not meet the minimum required staff according to regulations are being approved.

➡️On precedents: The procedure is fully legal and complies with the new MiCA crypto regulation. Malta, the smallest EU member state, has already granted licenses to OKX and Crypto.com.

➡️Important fact: Operating in the European market is attractive; however, a key MiCA provision requires stablecoin issuers to hold a significant part of their reserves in European financial institutions. For this reason, Tether, for example, declined to register in the EU.

➡️Additionally, Coinbase does not plan to concentrate its operations in a single region. While Europe remains a priority, the company is set to launch a new “One Card” credit card for US customers, operating on the American Express network, offering rewards of up to 4% in Bitcoin.

#news #Europe #crypto #USA

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