Gemini and Coinbase are set to expand across the EU under MiCA by securing licenses in Malta and Luxembourg.
Regulators worry these faster approvals could come with weaker oversight.
ESMA is now reviewing the process amid growing calls for stronger, unified enforcement.
Platforms like Gemini and OKX are gearing up for MiCA licences, yet uneven regulatory muscle is stirring debate. Two big crypto names—Gemini, run by the famous Winklevoss twins, and OKX—are on deck to get EU-wide licences under the new Markets in Crypto‑Assets (MiCA) rule. That means once approved, they’ll be able to roll out services across all 27 member states.
That speed has irked other EU watchdogs. There’s growing concern within the European Securities and Markets Authority (ESMA) and among national regulators that Malta’s lean staffing may lead to weak oversight and spark a “race to the bottom” in approvals.
MiCA was designed to give crypto firms the same regulatory standard as bank
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