Gemini Chooses Malta as Its MiCA Compliance and Innovation Center

Gemini Chooses Malta as EU Compliance Hub for MiCA Framework

Gemini, a cryptocurrency exchange founded by the Winklevoss twins, announced to Cointelegraph on January 20 that Malta would serve as its center for compliance with the EU’s Markets in Crypto-Assets (MiCA) framework. The action was taken soon after the Malta Financial Services Authority (MFSA) granted Gemini its sixth European virtual asset service provider (VASP) registration in December 2024. Gemini claims that Malta offers the exchange the perfect setting to expand its activities in Europe because of its aggressive support of fintech innovation and the cryptocurrency ecosystem.

Gemini Expands VASP Licenses in Europe, Prepares for MiCA Transition

Mark Jennings, Gemini’s CEO of Europe, stated that the company has not yet obtained a MiCA license from Maltese financial regulators despite setting up its European MiCA center in Malta.

To be able to achieve a MiCA license, you either have to file a brand new license application in a new jurisdiction, or there’s a transition period with existing VASP licenses where you would uplift into MiCA,

Jennings

Malta, France, Ireland, Spain, Italy, and Greece are among the six EU nations that Gemini currently possesses VASP licenses for as of January 20. In November 2024, Gemini launched its crypto asset services in France using the French license. According to Jennings, one of the most important components of MiCA compliance for Gemini was setting up a compliant services infrastructure. Other criteria include monitoring and making sure that unified onboarding procedures adhere to legal requirements.

Prior to this, we had different requirements to be able to onboard customers in France, Spain, Italy. I don’t see it as a challenge but rather an opportunity. The biggest challenge we had was allocating resources to be able to build the necessary infrastructure to support MiCA. The biggest point for most of the kinds of global exchanges is how we build a locally compliant custody offering […] There is a lot of infrastructure required to do that.

Jennings

For more up-to-date crypto news, you can follow Crypto Data Space.