Gemini Chooses Malta As MiCA Hub For EU Expansion
Recently, Gemini, a cryptocurrency exchange founded by the Winklevoss twins, selected Malta as the center for compliance with the EU Markets in Crypto-Assets (MiCA) framework.
This happened shortly after Gemini Received In December 2024, its sixth European Virtual Asset Service Provider (VASP) was registered with the Malta Financial Services Authority (MFSA).
Gemini chooses Malta for EU expansion, awaiting MiCA license
Gemini emphasized that Malta actively supports fintech innovation and the crypto ecosystem, making it an ideal location for the exchange to expand its European operations. However, Gemini has not yet received a MiCA license from Malta’s financial regulator.
It is worth noting that as of January 20, Gemini holds VASP licenses in six EU countries, including Malta, France, Ireland, Spain, Italy and Greece. Mark Jennings, Head of Europe at Gemini, said: “MiCA is a much-needed regulatory development for the European cryptocurrency community.”
Malta has been selected as a MiCA Compliance Center following the full implementation of European regulations by the end of 2024. While stablecoin regulations come into effect in mid-2024, the full rollout also includes wider cryptocurrency trading.
MiCA implementation pushes crypto firms to ensure EU compliance
The launch of MiCA has prompted cryptocurrency companies to assess the compliance of their products within the EU, with many exchanges delisting non-compliant stablecoins and selecting operations centers
Jennings said a key aspect of Gemini’s MiCA compliance is establishing a compliant service infrastructure. This includes tracking and ensuring that the unified onboarding process meets regulatory standards. Previously, the exchange had different requirements for customers from countries such as France, Spain and Italy.
He noted that MiCA enables Gemini to create scalable solutions across Europe. Furthermore, he added that through MiCA, Gemini sees Europe moving away from fragmented regulation and increasing transparency and resilience.
There is widespread uncertainty about stablecoins
Despite increasing clarity on cryptocurrency regulation in the EU, there is still uncertainty about how MiCA will apply to certain stablecoins. Major stablecoin issuers such as Circle received MiCA approval for their USDC stablecoin last year. However, Tether, the issuer of USDT, the largest stablecoin by market capitalization, opposed MiCA regulation, leading to speculation that USDT may be delisted across the EU due to non-compliance.
