Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is working to align with Europe’s crypto regulations by establishing a dedicated hub in Malta.
The exchange selected Malta as its base to comply with the European Union’s Markets in Crypto-Assets (MiCA) framework, according to a statement shared with Cointelegraph on January 20.
This move followed Gemini’s receipt of its sixth European virtual asset service provider (VASP) registration from the Malta Financial Services Authority (MFSA) in December 2024.
Gemini highlighted that Malta’s proactive stance in supporting fintech innovation and its crypto-friendly ecosystem makes it an ideal location for expanding its European operations.
Gemini Still Awaiting MiCA License
While establishing its European MiCA hub in Malta, Gemini has not yet obtained a MiCA license from the Maltese regulators, Mark Jennings, Gemini’s head of Europe, told Cointelegraph.
“To obtain a MiCA license, you either need to apply for a new license in a different jurisdiction or go through a transition period with existing VASP licenses to align with MiCA,” Jennings explained.
As of January 20, Gemini holds VASP licenses in six EU countries, including Malta, France, Ireland, Spain, Italy, and Greece. With the French license, the exchange began offering crypto asset services in France in November 2024.
Custody and MiCA Compliance
Establishing compliant infrastructure is a critical aspect of MiCA compliance for Gemini, according to Jennings. The regulatory requirements include tracking and creating a unified onboarding process that meets local standards.
“Before this, we had different requirements for onboarding customers in countries like France, Spain, and Italy,” Jennings noted, explaining that MiCA enables the exchange to build a scalable solution for all of Europe.
MiCA’s Clarity, But Stablecoin Uncertainty Remains
With MiCA, Gemini sees the EU moving towards more unified regulation, offering greater clarity and stability, Jennings commented.
“From our viewpoint, it provides regulatory certainty for customers who have been asking for it,” he added.
Despite this progress, there remains uncertainty around how MiCA will regulate certain stablecoins, Jennings acknowledged.
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology, with a particular expertise in Gemini and its role in the evolving digital asset ecosystem. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.