Gemini expands to Malta for MiCA compliance, aiming to foster transparency and streamline EU crypto operations - IcoHolder.
In a significant step toward European expansion, cryptocurrency exchange Gemini, founded by the Winklevoss twins, has selected Malta as its central hub for compliance with the European Union’s newly implemented Markets in Crypto-Assets (MiCA) framework. The decision underscores Malta’s reputation as a forward-thinking fintech and crypto haven, even as Gemini awaits a full MiCA license from Maltese regulators.
Gemini’s move to Malta follows its registration as a virtual asset service provider (VASP) with the Malta Financial Services Authority in December 2024. This marks the sixth such registration for Gemini in the EU, complementing licenses in France, Ireland, Spain, Italy, and Greece. The exchange lauded Malta’s proactive regulatory environment, describing it as ideal for expanding operations across Europe.
Mark Jennings, Gemini’s Head of Europe, emphasized that MiCA represents a critical shift for the European crypto ecosystem. He noted that Malta’s selection aligns with Gemini’s goals to foster transparency and streamline compliance processes. "MiCA is a much-needed regulatory development for the European crypto community," Jennings said, reflecting optimism about the framework’s potential to unify fragmented regulatory landscapes.
The full implementation of MiCA regulations in late 2024 has introduced uniform standards for crypto transactions across the EU, following earlier stablecoin regulations rolled out mid-year. These changes have prompted exchanges to reassess compliance strategies, leading to the delisting of non-compliant stablecoins and the consolidation of operational hubs.
Gemini’s compliance strategy involved creating a scalable, unified infrastructure for onboarding customers across all EU nations. Previously, onboarding varied by country, with differing requirements in jurisdictions like France, Spain, and Italy. Jennings praised MiCA for enabling a consistent and transparent approach, which he believes will bolster resilience across the crypto market.
While MiCA has been celebrated for bringing regulatory clarity, questions remain about its application to stablecoins. Last year, Circle’s USDC gained MiCA approval, solidifying its position in the EU market. However, Tether, the issuer of the widely used USDT stablecoin, has resisted MiCA oversight, sparking speculation about possible delistings of USDT due to non-compliance.
The evolving regulatory landscape has placed companies like Gemini at the forefront of navigating compliance challenges while capitalizing on opportunities in a unified European market. As Malta solidifies its role as a key player in crypto regulation, the island nation’s strategic importance is poised to grow alongside the EU’s expanding crypto ecosystem.
With MiCA’s regulatory structure now in effect, the race is on for companies to adapt, innovate, and lead in Europe’s increasingly harmonized crypto environment.
