Major US cryptocurrency exchanges, Coinbase and Gemini, are reportedly on the verge of obtaining crucial licenses to operate legally across the European Union (EU). According to Reuters, sources familiar with the matter suggest that both companies are in advanced stages of the regulatory approval process. This development comes as the EU's Markets in Crypto-Assets (MiCA) regulation takes effect. MiCA allows licensed crypto firms to offer their services in all 27 EU member states. Gemini is expected to secure its initial EU license in Malta, while Coinbase anticipates receiving its license from Luxembourg. While this signifies progress for mainstream crypto adoption in Europe, the Reuters report also highlights growing tensions between regulatory bodies regarding the speed and consistency of national licensing standards. The successful acquisition of these licenses would mark a significant milestone for Coinbase and Gemini, enabling them to expand their reach and offer regulated crypto services to a wider European audience. ```
