In a recent move, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has chosen Malta as its hub for adhering to the European Union’s Markets in Crypto-Assets (MiCA) framework.
This follows shortly after Gemini received its sixth European virtual asset service provider (VASP) registration from the Malta Financial Services Authority (MFSA) in December 2024.
Gemini Chooses Malta for EU Expansion, Awaits MiCA License
Gemini has highlighted that Malta’s proactive approach to supporting fintech innovation and the crypto ecosystem makes it the perfect location for the exchange to expand its operations in Europe. However, Gemini is yet to receive a MiCA license from Maltese financial regulators.
Notably, as of January 20, Gemini holds VASP licenses in six countries across the EU, including Malta, France, Ireland, Spain, Italy and Greece. “MiCA is a much-needed regulatory development for the European crypto community,” noted Mark Jennings, Gemini’s Head of Europe.
Malta was chosen as the hub for MiCA compliance following the full implementation of European regulations at the end of 2024. While stablecoin regulations took effect in mid-2024, broader crypto transactions were included with the full rollout.
MiCA Implementation Drives Crypto Companies to Ensure EU Compliance
The introduction of MiCA has led crypto companies to evaluate their product compliance within the EU, with many exchanges delisting non-compliant stablecoins and selecting operational hubs
According to Jennings, one key aspect of MiCA compliance for Gemini was establishing a compliant services infrastructure. This included tracking and ensuring unified onboarding processes that met regulatory standards. Previously, the exchange had different requirements for onboarding customers in countries like France, Spain, and Italy.
He noted that MiCA has allowed Gemini to create a scalable solution for all of Europe. Besides, he added that with MiCA, Gemini sees Europe moving away from fragmented regulation and adding transparency and resilience.
Uncertainty Prevails Over Stablecoins
Despite increasing clarity on crypto regulation in the EU, there is still uncertainty regarding how MiCA applies to certain stablecoins. Major stablecoin issuers like Circle received MiCA approval for its USDC stablecoin last year. However, Tether, the issuer of the largest stablecoin by market capitalization, USDT, opposed MiCA regulation, leading to speculation about potential USDT delistings across the EU due to non-compliance.
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