PANews reported on June 12 that according to Barron's, the EU's first nationwide cryptocurrency regulation MiCA aims to unify supervision, but differences in implementation among member states have led to loopholes for companies. The regulation requires service providers to obtain a license to operate legally in the EU, and must meet anti-money laundering, anti-terrorist financing, IT security and other standards. After obtaining a license, they can operate in the entire EU market, prompting companies to seek authorization from "relaxed" member states. Crypto experts said that most MiCA license-issuing countries such as Germany and the Netherlands have high credibility of regulators, but countries such as Malta have been accused of hastily issuing licenses before the collective standards were formally implemented. The chairman of the French Financial Markets Authority said that some products entered the market with the MiCA "passport", but the approval was hasty. The EU securities regulator ESMA has launched a "peer review" of a member state.

Crypto platforms OKX and Gemini chose Malta as their base because it accepted applications earlier. France has just issued its first MiCA license, which is said to be long and complicated. Some lawyers say that "cheap approval" damages the reputation of companies, and the high cost of obtaining a license may be difficult for many companies to complete. If the EU fails to regulate effectively, European crypto companies may be replaced by companies in the United States, Dubai and other places, which may also cause economic sovereignty issues.