In a strategic move to bolster its presence in Europe, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has selected Malta as its hub to align with the European Union’s innovative Markets in Crypto-Assets (MiCA) regulations. This decision follows Gemini’s receipt of its sixth European virtual asset service provider (VASP) registration from the Malta Financial Services Authority (MFSA) in December 2024.
Malta’s progressive stance on fintech and its support for the crypto industry made it an ideal location for Gemini to expand its operations in Europe. However, the exchange has not yet obtained its official MiCA license from Maltese regulators.
Gemini’s Choice of Malta: A New Chapter 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 crucial development for the European cryptocurrency sector.
Malta was chosen as the base for MiCA compliance after the full implementation of EU regulations at the end of 2024. While regulations for stablecoins started in mid-2024, the broader MiCA rollout now covers all crypto transactions.
With MiCA now in effect, many crypto companies are reassessing their product offerings and compliance strategies within the EU. Several exchanges have delisted non-compliant stablecoins and shifted their operations to MiCA-compliant hubs.
Gemini’s Strategy for MiCA Compliance
Jennings explained that a central component of Gemini’s MiCA approach was establishing a compliant services infrastructure. This included standardizing customer onboarding processes across Europe to meet regulatory standards. Prior to MiCA, countries like France, Spain, and Italy each had their own unique onboarding requirements.
MiCA has enabled Gemini to implement a scalable compliance framework that supports its operations throughout Europe. Jennings emphasized that this transition will help Europe move from fragmented regulation to a more unified, transparent, and resilient system.
Ongoing Uncertainty Over Stablecoins
Despite the clearer regulatory framework under MiCA, there remains some uncertainty regarding how the regulations will apply to specific stablecoins. For instance, Circle’s USDC stablecoin received MiCA approval last year, while Tether, the issuer of USDT, has expressed opposition to MiCA’s regulations. This has raised concerns that USDT could face delisting across the EU due to non-compliance.
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.