EU cryptocurrency regulation differences worsen, approval speed of small countries disputed

According to informed sources, the two largest cryptocurrency companies in the world are about to obtain licenses to operate throughout the European Union, but regulatory agencies are currently experiencing disagreements over the speed and strictness of approval in certain countries. Under the new EU Crypto Assets Market Regulations which took effect this year, member states can issue licenses allowing cryptocurrency companies to operate in all 27 countries, but two sources said that some countries are concerned about the speed of approvals - Malta, the smallest EU member state, has already approved platforms such as OKX and Crypto.com within weeks of the new rules being implemented, and is now close to issuing a license to Gemini. The French Financial Markets Authority has publicly warned that the lack of direct supervisory authority of the European Securities and Markets Authority could lead to "regulatory bottom competition." A regulatory official pointed out that countries with fewer personnel such as Malta are approving licenses too quickly, and their processes are currently being reviewed by ESMA, with a related report set to be released. The Malta Financial Services Authority responded that the fast approval process is due to their years of experience and strict anti-money laundering standards.