TECH NEWS – The billionaire twins who say Mark Zuckerberg stole their Facebook idea now want to revolutionize Europe’s crypto world. Malta and Luxembourg’s flexible regulations are putting the EU under serious pressure.

Europe has always been one of the most cautious regions when it comes to cryptocurrencies. While the US and Asia have shown growing interest in digital money, the Old Continent usually keeps its distance. Now, just months after fears that US regulation could affect Europe’s economy, several tech companies are on the verge of getting EU-wide licenses as the regulatory debate heats up.

According to Reuters, two major crypto companies, OKX and Crypto.com, are just a step away from operating across the EU thanks to new MiCA rules. Malta has issued approvals at record speed, raising concerns among regulators. But these aren’t the only platforms in the spotlight: Gemini—the company founded by the Winklevoss twins, famously ripped off by Zuckerberg in the Facebook saga—is also close to getting a Maltese license.

The Future of Cryptocurrencies in Europe

This isn’t the first time Europe finds itself in the eye of the crypto storm: a few months ago, the Free Republic of Liberland made headlines. Justin Sun—accused of fraud and money laundering—was named prime minister of this “country” that doesn’t actually exist, located between Serbia and Croatia. Now Malta is at the center of the debate, as several regulators claim that smaller countries, with fewer staff, might allow looser digital regulations.

The ESMA (European Securities and Markets Authority) is currently reviewing Malta’s procedures and, according to Reuters, will publish a report soon. Meanwhile, France has warned that without unified oversight, regulations could become too loose—but Malta isn’t the only concern. Luxembourg, where Coinbase already employs 200 people and plans further expansion, is also in the spotlight.

As the debate heats up, France argues that many countries are driven by self-interest rather than regulatory rigor. Ireland, for example, has lost ground after its central bank called crypto a classic Ponzi scheme. Right now, the global crypto market is worth €3.07 trillion—no wonder Europe might be rethinking its stance.

Source: 3djuegos