In a bold move to strengthen its European presence, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has chosen Malta as its hub to comply with the Union’s groundbreaking Markets in Crypto-Asset (MiCA) framework European.
The move comes after Gemini obtained its sixth European Virtual Asset Services Provider (VASP) registration with the Malta Financial Services Authority (MFSA) in December 2024.
Malta’s forward-thinking approach to financial technology and its support for the crypto industry made it the ideal location for Gemini to expand its European operations. However, Gemini has yet to receive its official MiCA license from Maltese regulators.
Gemini chooses Malta: a new era for crypto in Europe!
As of January 20, Gemini holds VASP licenses in six EU countries: Malta, France, Ireland, Spain, Italy and Greece. Mark Jennings, Head of Europe at Gemini, described MiCA as a vital step for the European crypto community.
Malta was chosen as the basis for MiCA compliance following full implementation of EU regulations in late 2024. While stablecoin regulation began in mid-2024, the wider rollout now covers all crypto transactions .
With MiCA now in place, many crypto companies are re-evaluating their products and compliance within the EU. Some exchanges are removing non-compliant stablecoins and moving their operations to MiCA-compliant hubs.
Gemini’s Approach to MiCA Compliance
Jennings highlighted that a key part of Gemini’s MiCA strategy was building a compliant services infrastructure. This included aligning customer onboarding processes across the EU to meet regulatory standards. Before MiCA, different countries like France, Spain and Italy had their own integration requirements.
MiCA has enabled Gemini to create a scalable compliance solution across Europe. Jennings believes that this change will allow Europe to move away from fragmented regulation and towards a more transparent and resilient system.
Uncertainty reigns over stablecoins
Despite a clearer regulatory framework, uncertainties remain over how MiCA applies to certain stablecoins. For example, Circle’s stablecoin USDC received MiCA approval last year, but Tether, the issuer of USDT, opposed MiCA regulation. This has sparked fears that USDT could be delisted across the EU due to non-compliance.
Exchanges like Gemini are paving the way for a more regulated but thriving crypto market across Europe. Good times ahead!
