Crypto exchange Gemini secured a MiCA license in Malta, enabling it to operate in over 30 European countries and strengthening its regulatory presence.
MetaMask plans to launch its own wallet-native stablecoin, mUSD, in 2025 on Ethereum.
Stablecoin issuers Tether and Circle are meeting with South Korean banks to discuss partnerships for distributing stablecoins.
Today, there are several significant developments in the cryptocurrency market as major players continue their expansion plans and regulatory compliance activities around the world. The crypto space is changing at a faster pace with the issuance of new licenses and the launch of new stablecoins, as well as high-profile meetings between the industry and the rest of the financial community. Here’s a look at some of the key updates:
Cryptocurrency exchange Gemini, co-founded by Cameron and Tyler Winklevoss, has been given a green signal by a major regulator. The company obtained a Markets in Crypto-Assets Regulation (MiCA) license from the Malta Financial Services Authority (MFSA). This milestone is included in the Gemini expansion plan in Europe. This approval follows shortly after the exchange received a Markets in Financial Instruments Directive (MiFID II) license in May that will enable it to trade derivatives in the European market.
Through the MiCA license, Gemini will be able to provide crypto services to more than 30 European countries, strengthening its regulatory setup and consumer confidence. The exchange stressed that effective regulation, such as MiCA, is essential to the broader adoption of cryptocurrencies. Gemini will maintain its compliance with the most stringent regulatory principles as it expands its operations across Europe to offer a safe platform to users.
Another important activity is that MetaMask has also planned to launch a wallet-native stablecoin called MetaMask USD (mUSD). The stablecoin will first be launched on the Ethereum blockchain and the Linea network in 2025. Backed with 1-to-1 dollar equivalent reserves, mUSD is designed to plug into MetaMask, offering new capabilities to trade, lend, and engage in all Web3 applications.
With the increasing popularity of cross-chain stablecoins and the need to streamline the user experience in Web3, MetaMask attempts to respond to this growing demand. The stablecoin will also be utilized in MetaMask's upcoming partnership with Mastercard, where users will be able to use mUSD to make real-world purchases.
The release of this self-sovereign stablecoin comes after the recent regulatory clarity on the treatment of stablecoins in the United States, furthering MetaMask's presence in the Web3 ecosystem.
Tether and Circle, two of the biggest stablecoin issuers, will meet the executives of the four top banks in South Korea this week. The meetings will discuss the possibilities of developing partnerships to issue Korean won-backed stablecoins and distribute US dollar-backed stablecoins in South Korea. This is a milestone towards the further integration of stablecoins into the financial system.
With South Korea preparing to adopt regulatory frameworks around stablecoins, these high-profile discussions will likely have a profound impact on the future of digital currencies in the country.
The Financial Services Commission of South Korea is set to introduce its own stablecoin bill in the next few months, which will likely impact the activities of some stablecoins like USDT and USDC in South Korea.
The meetings show growing cooperation among crypto businesses and conventional financial organizations as nations establish better regulatory frameworks for digital assets.
Also Read: Crypto News Today: Yuan-Backed Stablecoins, Kraken’s xStocks on Tron, and Pump.fun’s Memecoin Surge