Gemini Chooses Malta as “MiCA Hub” For EU Expansion

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 European Union’s groundbreaking Markets in Crypto-Assets (MiCA) framework.

This decision comes after Gemini secured its sixth European virtual asset service provider (VASP) registration from the Malta Financial Services Authority (MFSA) in December 2024.

Malta’s forward-thinking approach to fintech and its support for the crypto industry made it the perfect location for Gemini to grow its European operations. However, Gemini has not yet received 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, Gemini’s Head of Europe, described MiCA as a much-needed step for the European crypto community.

Malta was selected as the base for MiCA compliance after the full implementation of EU regulations at the end of 2024. While regulations for stablecoins began in mid-2024, the broader rollout now covers all crypto transactions.

With MiCA now in place, many crypto companies are reassessing their products and compliance within the EU. Some exchanges are delisting non-compliant stablecoins and relocating their operations to MiCA-compliant hubs.

Gemini’s Approach to MiCA Compliance

Jennings pointed out that a key part of Gemini’s MiCA strategy was setting up 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 onboarding requirements.

MiCA has allowed Gemini to create a scalable compliance solution for all of Europe. Jennings believes this shift will move Europe away from fragmented regulation and toward a more transparent and resilient system.

Uncertainty Prevails Over Stablecoins

Despite the clearer regulatory framework, there is still uncertainty about how MiCA applies to certain stablecoins. For example, Circle’s USDC stablecoin received MiCA approval last year, but Tether, the issuer of USDT, has opposed MiCA regulations. This has led to concerns that USDT could be delisted across the EU due to non-compliance.

Exchanges like Gemini are charting the course for a more regulated yet flourishing crypto market across Europe. Good times ahead!