Winklevoss twins’ Gemini exchange selects Malta as Europe MiCA hub

Winklevoss twins-founded cryptocurrency exchange Gemini is working to ensure compliance with Europe’s crypto regulations by setting up a dedicated hub in Malta.

Gemini chose Malta as its hub for compliance with the European Union’s Markets in Crypto-Assets (MiCA) framework, according to an announcement shared with Cointelegraph on Jan. 20.

The move came shortly after Gemini received its sixth European virtual asset service provider (VASP) registration from the Malta Financial Services Authority (MFSA) in December 2024.

According to Gemini, Malta’s proactive approach to supporting fintech innovation and the crypto ecosystem presents an ideal environment for the exchange to drive its operations in Europe.

Gemini has yet to receive the MiCA license

While establishing its European MiCA hub in Malta, Gemini has yet to receive a MiCA license from Maltese financial regulators, Gemini’s head of Europe, Mark Jennings, told Cointelegraph.

“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 noted.

As of Jan. 20, Gemini holds VASP licenses in six countries across the EU, including Malta, France, Ireland, Spain, Italy and Greece. With the French license, Gemini rolled out its crypto asset services in France in November 2024.

Custody among key elements of MiCA compliance

Organizing compliant services infrastructure was among key elements of MiCA compliance for Gemini, Jennings said, adding that requirements include tracking and ensuring unified onboarding processes meeting regulatory standards.

“Prior to this, we had different requirements to be able to onboard customers in France, Spain, Italy,” the executive said, adding that MiCA enabled the exchange to build a scalable solution supporting the entirety of Europe.

Related: Binance updates crypto rules in Poland to meet new MiCA requirements

“I don’t see it as a challenge but rather an opportunity,” Jennings said. “The biggest challenge we had was allocating resources to be able to build the necessary infrastructure to support MiCA,” he said, adding:

“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.”

MiCA adds clarity, but stablecoin uncertainty persists

With MiCA, Gemini sees Europe moving away from fragmented regulation and adding transparency and resilience, Jennings said.

“From our perspective, it brings some regulatory certainty to those customers who’ve required it,” the exec told Cointelegraph.

Despite growing certainty regarding crypto regulation in the EU, there is still some confusion about how MiCA treats certain stablecoins, Jennings admitted.

Major stablecoin issuers, like Circle, received MiCA approval for its USDC (USDC) stablecoin last year. On the other hand, Tether — the issuer of the USDT (USDT), the largest stablecoin by market capitalization — opposed MiCA regulation, spurring speculation on USDT delistings across the EU as a non-compliant stablecoin.

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