EU cryptocurrency regulatory divergence intensifies, controversy surrounding approval speed in small countries

According to informed sources, the world's two largest cryptocurrency companies are about to obtain licenses to operate throughout the European Union, but regulatory agencies are having disagreements over the speed and strictness of approvals in some countries. According to the EU's Crypto Asset Market Regulation (MiCA), which came into effect this year, member states can issue licenses allowing cryptocurrency companies to operate within 27 countries. However, two sources said that some countries are concerned about the approval speed - Malta, as the smallest member state of the EU, has already approved platforms such as OKX and Crypto.com within weeks of the new regulations being implemented, and is now approaching the issuance of licenses to Gemini. The French Financial Market Authority (AMF) has publicly warned that the lack of direct regulatory authority by the European Securities and Markets Authority (ESMA) may lead to "regulatory bottom line competition". A regulatory official pointed out that countries with lower staffing levels, such as Malta, have too fast approval processes, and their processes have been reviewed by ESMA. Relevant reports are about to be released. The Malta Financial Services Authority responded that the fast approval process is due to its years of experience and strict anti money laundering standards. Earlier this morning, it was reported that insiders say Coinbase and Gemini will respectively obtain EU cryptocurrency licenses from Luxembourg and Malta.