Gemini Establishes European Hub in Malta for MiCA Compliance
Cryptocurrency exchange Gemini is establishing a hub in Malta to comply with the new Markets in Crypto Assets (MiCA) regulations in Europe. The decision follows Gemini receiving its sixth European virtual asset service provider (VASP) registration from the Malta Financial Services Authority (MFSA) in December 2024.
- Malta's supportive stance on fintech innovation makes it suitable for Gemini's European expansion.
- The exchange has not yet secured a Malta license from local regulators.
- Gemini holds VASP licenses in six EU countries: France, Malta, Ireland, Italy, Spain, and Greece.
- Services were launched in France after obtaining a license there in November 2024.
Compliance Efforts for MiCA
Gemini's head of Europe, Mark Jennings, emphasized the importance of creating compliant service infrastructures to meet regulatory standards across Europe. Key points include:
- Development of unified onboarding processes replacing country-specific requirements.
- Focus on building a locally compliant custody offering.
- MiCA provides regulatory certainty for customers.
Despite advancements, uncertainties remain regarding MiCA's treatment of stablecoins, posing challenges for major players like Tether operating in Europe.