According to the report, the expectation has intensified tensions among national regulators over the speed and oversight of new licensing under the bloc’s landmark crypto framework.
While hailed as a step toward aligning crypto oversight with traditional finance, some regulators privately warn that inconsistent enforcement risks creating regulatory blind spots for an industry valued at roughly $3.3 trillion.
A spokesperson for the Malta Financial Services Authority told the newswire that four crypto licenses have been issued to date, adding that stringent money-laundering checks remain in place.
Meanwhile, one source revealed that the European Securities and Markets Authority (ESMA) has examined Malta’s licensing procedures and is preparing an internal report.
ESMA declined to comment on the matter.
France’s financial markets regulator has publicly cautioned that ESMA’s lack of direct licensing power could spark a “race to the bottom,” as countries compete to attract lucrative crypto business.
Luxembourg is also expected to grant a license to Coinbase, marking the first approval for a US-listed crypto firm under MiCA.
Luxembourg’s financial supervisor did not comment on the pending application, but one official familiar with the matter rejected suggestions that the country’s standards were too lenient, arguing some critics are motivated by competition to lure crypto firms elsewhere.
While Brussels sets regulatory frameworks, national agencies retain licensing power, a system now under pressure in one of the world’s fastest-moving financial sectors.
The outcome of these approvals could shape how Europe balances investor safeguards with ambitions to be a global crypto hub, as memories of past industry scandals, such as FTX’s 2022 collapse, still loom large over regulators’ efforts to keep pace with innovation.
