Gemini, the cryptocurrency exchange started by the Winklevoss twins, is expanding its presence in Europe by establishing a compliance center in Malta.
The objective of this action is to ensure that the company is in compliance with the Markets in Crypto-Assets (MiCA) regulations of the European Union, following its recent registration as a Virtual Asset Service Provider (VASP) in Malta.
Mark Jennings, Gemini’s head of Europe, clarified that the process of obtaining a MiCA license entails either enrolling in a new jurisdiction or transitioning from existing VASP licenses. At present, Gemini has licenses in six European countries, including France, where it introduced cryptocurrency services in late 2024.
Gemini’s primary objective under MiCA is to establish a unified compliance infrastructure throughout Europe, which will facilitate customer enrolment and ensure that the company adheres to consistent regulatory standards. In the crypto space, Jennings recognized the difficulties associated with allocating resources to develop compliant custody solutions, but he also underscored the potential to improve transparency and scalability.
MiCA’s treatment of stablecoins raises concerns, despite the fact that it offers clarity to the industry. Circle and other issuers have received approval for USDC. However, there is still ambiguity regarding non-compliant tokens, such as Tether’s USDT, which has sparked speculation about potential delistings in the EU.
Gemini regards MiCA as a positive step toward the harmonization of regulations throughout Europe, thereby establishing a more secure and transparent environment for digital assets, despite these obstacles.
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