In a recent move, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has chosen Malta as its hub for compliance with 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 with 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 has not yet received a MiCA license from the Maltese financial regulators.
Notably, as of January 20, Gemini holds VASP licenses in six countries in the EU, including Malta, France, Ireland, Spain, Italy and Greece. “MiCA is a much-needed regulatory development for the European crypto community,” said Mark Jennings, Gemini’s head of Europe.
Malta was chosen as a hub for MiCA compliance following the full implementation of European regulations in late 2024. While stablecoin regulations came into effect in mid-2024, broader crypto transactions were included in the full rollout.
MiCA implementation encourages 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, a key aspect of MiCA compliance for Gemini was establishing a compliant services infrastructure. This included following and ensuring uniform onboarding processes that met regulatory standards. Previously, the exchange had different requirements for onboarding customers in countries such as France, Spain and Italy.
He noted that MiCA has enabled Gemini to create a scalable solution across Europe. Furthermore, he added that with MiCA, Gemini sees Europe moving away from fragmented regulations and adding transparency and resilience.
Uncertainty reigns over stablecoins
Despite increasing clarity on crypto regulation in the EU, there is still uncertainty about how MiCA applies to certain stablecoins. Major stablecoin issuers such as Circle received MiCA approval for their USDC stablecoin last year. However, Tether, the issuer of the largest stablecoin by market capitalization, USDT, opposed the MiCA regulations, leading to speculation about possible delistings of USDT across the EU due to non-compliance.
