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Gemini and Coinbase are poised to secure EU-wide operating licenses, raising concerns among regulators about varying standards across member states. Experts warn of a potential ‘race to the bottom’ in regulatory oversight, threatening consumer protections.
- Gemini and Coinbase will gain EU-wide access via licenses from Malta and Luxembourg, enabled by MiCA's 'passporting' rule.
- ESMA is investigating Malta's rapid licensing process amid fears of weaker oversight in smaller jurisdictions.
- Industry experts caution that divergent standards could erode trust and push crypto firms to regions like the U.S.
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