A Unified License for 27 Countries

Headquartered in Saint Helier, Jersey, CoinShares received its MiCA license through France’s financial authority, the Autorité des Marchés Financiers (AMF). This regulatory green light enables the firm to expand its crypto investment services into new European territories, building upon its existing operations in countries like Germany, the Netherlands, and Luxembourg.

With MiCA now added to its regulatory stack, alongside existing MiFID and AIFM licenses, CoinShares becomes the only major European digital asset manager to hold all three key financial permissions—setting it apart in the rapidly evolving crypto space.

Opening the Doors to a $38.7 Trillion Market

CoinShares CEO Jean-Marie Mognetti described the MiCA approval as a transformative step for both the company and the broader European digital asset ecosystem. “We now have a clear and harmonized regulatory framework across the EU. Being the first fully licensed digital asset manager based in continental Europe to meet these standards is a point of pride,” Mognetti stated.

The license could significantly enhance access to the $38.7 trillion European asset management market, facilitating broader exposure to regulated crypto investment products. This is particularly promising for institutional investors seeking compliant access to bitcoin, ethereum, and other altcoin holdings.

Leading Among Peers

While major global crypto exchanges like Coinbase, Bybit, OKX, and Crypto.com have also secured MiCA licenses, CoinShares stands out as the first digital asset management firm to obtain this approval. Its institutional focus positions the company as a pioneer in delivering compliant and secure crypto exposure across Europe.

Founded in 2013, CoinShares is publicly traded on the Nasdaq Stockholm exchange and currently manages more than $9 billion in digital assets. Following the MiCA announcement, the company’s stock rose 1.7%, reaching $12.66. Year-to-date, shares have surged over 46%, underscoring growing investor confidence in its long-term vision.

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ECB Raises Concerns Over Dollar-Backed Stablecoins

According to a policy document reviewed by Politico, the ECB has suggested a reassessment of the Markets in Crypto-Assets (MiCA) regulatory framework. The primary concern stems from new crypto-related legislation supported by US President Donald Trump, which may lead to an influx of dollar-pegged stablecoins into the European market.

The ECB argues that such a scenario could prompt European capital to shift toward US assets, undermining the EU’s financial sovereignty and exposing banks to liquidity risks.

Diverging Views Among EU Institutions on MiCA

While the ECB pushes for tighter regulations, the European Commission considers these concerns overstated. According to the report, some EU diplomats and officials believe the current MiCA rules are robust enough to address stablecoin-related risks.

New bills introduced in the US—STABLE (Stablecoin Transparency and Accountability for a Better Ledger Economy) and GENIUS (Guiding and Establishing National Innovation for US Stablecoins)—are expected to expand America’s presence in the global crypto market. Still, the Commission maintains that these developments alone do not warrant immediate regulatory changes in Europe.

One diplomat stated, “The Commission was very clear on this; most countries are not in favor of rushing into changes based solely on these developments.”

What’s Next?

As the ECB emphasizes the need to adapt regulations to protect the EU’s financial structure, and the Commission urges caution, the future of European crypto policy may hinge on how these internal disagreements unfold. The debate highlights the growing complexity of balancing innovation and regulation in a rapidly evolving global crypto landscape.

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Cryptocurrency exchange OKX said in a statement that it has been granted preliminary authorization under the European Union’s Markets in Crypto Assets (MiCA) regulation.

The preliminary authorization, granted by the Malta Financial Services Authority (MFSA) on January 22, means that the firm has completed the regulator’s due diligence process and is eligible to receive approval for a full MiCA license,

Erald Ghoos, managing director of OKX Europe, said.

“This marks the end of our MiCA application process,” he said.

Following the preliminary authorization, OKX plans to obtain a full MiCA license through its dedicated center in Malta and plans to offer a wide range of services and token pairs.

OKX Says It Will List Over 240 Tokens in Compliance With MiCA

Once it receives full approval from MiCA, the exchange aims to offer localized crypto services to over 400 million users in Europe and support over 240 tokens.

In addition to spot trading, OKX plans to offer over-the-counter and bot trading and support at least 260 trading pairs against the euro.

However, OKX did not disclose which cryptocurrencies it is likely to list on the exchange after full approval from MiCA.

Amid the uncertainty surrounding Tether USDt’s compliance with MiCA, OKX declined to comment on whether it plans to delist the stablecoin.

OKX Selects Malta as MiCA hub in 2024

OKX’s MiCA pre-approval comes months after the exchange selected Malta as its European hub to comply with the EU’s new crypto regulations.

In July 2024, OKX Europe’s Ghoos said the exchange had a team in Malta and was actively preparing for the implementation of MiCA, which comes into full force on December 30, 2024.

At the time, OKX also said it expected to offer crypto staking to EU residents under MiCA, while the OKX Europe director said the transition to the new EU crypto standards would be “minimal.”

A Growing Number of Exchanges Planning MiCA Licenses

Other exchanges, such as Gemini, have also announced their intention to obtain a MiCA license in Malta, pledging to offer their services in Europe through a local hub in the country.

Another major global crypto exchange, Crypto.com, announced its intention to obtain a MiCA license on January 17. Unlike Gemini and OKX, Crypto.com did not specify which jurisdiction it had chosen to obtain the license.

Since the EU’s MiCA came into full force, only a handful of crypto asset service providers (CASPs) have obtained MiCA licenses.

Crypto platform MoonPay was among the first CASPs to receive a license from the Dutch Financial Markets Authority (AFM) on December 30, alongside other firms such as BitStaete, Zebedee Europe and Zebedee Europe.

German stock exchange Boerse Stuttgart, one of Europe’s leading exchange groups, became the first CASP in Germany to receive a full MiCA license on January 17.

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Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is working to establish a dedicated hub in Malta to ensure compliance with Europe’s crypto regulations.

Gemini announced on January 20 that it had chosen Malta as its hub for compliance with the European Union’s Markets in Crypto-Assets (MiCA) framework.

This move came shortly after Gemini received its sixth European Virtual Asset Service Provider (VASP) registration from the Malta Financial Services Authority (MFSA) in December 2024.

According to Gemini, Malta‘s proactive approach to supporting fintech innovation and the crypto ecosystem provides an ideal environment for the exchange to drive its operations in Europe.

Gemini Has Not Yet Received MiCA License

While establishing its European MiCA hub in Malta, Gemini stated that it has not yet received a MiCA license from Maltese financial regulators.

Gemini’s Head of Europe, Mark Jennings, said: “To obtain a MiCA license, you either have to submit a new application, or there’s a transition period where you upgrade your existing VASP licenses into MiCA.”

As of January 20, Gemini holds VASP licenses in six EU countries, including Malta, France, Ireland, Spain, Italy, and Greece. With the French license, Gemini launched its crypto asset services in France in November 2024.

Custody as a Key Element in MiCA Compliance

For Gemini, one of the key elements of MiCA compliance was organizing compliant service infrastructure, said Jennings, adding that the requirements include tracking and ensuring unified customer onboarding processes that meet regulatory standards.

“Previously, we had different requirements to onboard customers in France, Spain, Italy,” the executive noted, adding that MiCA enabled the exchange to build a scalable solution supporting the entirety of Europe.

“I don’t see it as a challenge, but rather an opportunity,” said Jennings. “The biggest challenge we faced was allocating resources to build the necessary infrastructure to support MiCA,” he added, explaining that “the biggest point for most global exchanges is how we build a locally compliant custody offering… it requires a lot of infrastructure to do that.”

MiCA Adds Clarity, but Stablecoin Uncertainty Persists

With MiCA, Gemini believes Europe is moving away from fragmented regulations and adding transparency and resilience, said Jennings. “From our perspective, MiCA brings regulatory clarity to the customers who’ve required it,” the executive said.

Despite growing certainty regarding crypto regulation in the European Union, Jennings acknowledged that there is still some confusion about how MiCA treats certain stablecoins. Major stablecoin issuer Circle received MiCA approval for USDC last year.

On the other hand, Tether, the issuer of the largest stablecoin by market capitalization, USDT, opposed MiCA regulation, leading to speculation that USDT may be delisted across the EU as a non-compliant stablecoin.

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Hong Kong‘s proposed Stablecoins Bill has entered the Legislative Council, moving the region closer to establishing a comprehensive regulatory regime for stablecoins.

On December 6, the Hong Kong government published the bill in the special administrative region’s Gazette, taking it a step closer to becoming law. On December 18, the bill was forwarded to the Legislative Council of Hong Kong for its first reading.

Before the bill is signed into law, it must go through three readings, a process that includes debates, examinations, and potential amendments. Once the bill passes the third reading, it will be forwarded to the region’s chief executive, who can sign it into law.

Key Components of the Bill

According to law firm King & Wood Mallesons, the Stablecoins Bill has three key components. These include licensing and requirements for stablecoin issuers, specific stablecoin offering and marketing restrictions, and broader consumer protections.

If the bill is enacted, stablecoin issuers in Hong Kong will need to obtain a license from the Hong Kong Monetary Authority (HKMA), the region’s central bank. Issuers must comply with comprehensive requirements to obtain a license.

The regulator will evaluate the issuer and its controllers, resources, stablecoins, reserve assets, and the mechanisms stabilizing its value. Only regulated entities and platforms will be allowed to offer stablecoins in Hong Kong or market them to the public.

The bill provides consumer protections affecting various market participants, including issuers and distributors.

MiCA-Compliant Stablecoins Dominate Europe

If the bill is enacted, Hong Kong may experience a transformation in stablecoin usage similar to the shift seen in Europe when the Markets in Crypto-Assets (MiCA) regulations came into force.

On December 18, research firm Kaiko and Netherlands-based crypto exchange Bitvavo reported that the introduction of MiCA led to a significant change in the stablecoin landscape in the region.

While issuers like Tether discontinued their Euro-backed stablecoins, compliant issuers thrived. By November, MiCA-compliant stablecoins captured the majority of the market, with Circle, Societe Generale, and Banking Circle’s stablecoins holding 91% of the market share by late 2024.

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